• Kraken confidentially filed for a U.S. IPO in November 2025 after raising $800 million at a $20 billion valuation, with a targeted listing potentially in late 2026.
  • The cryptocurrency exchange reported strong Q3 2025 financials, including $648 million in revenue (up 50% quarter-over-quarter) and $178.6 million adjusted EBITDA (up 124% year-over-year).
  • A crypto-friendly regulatory environment under President Trump's 2025 reelection has eased SEC pressures, with the agency dropping its lawsuit against Kraken earlier this year.

Kraken, one of the oldest U.S.-based cryptocurrency exchanges, has taken a significant step toward going public by confidentially filing for an initial public offering in November 2025, according to people familiar with the matter. The move follows a $800 million funding round that valued the company at $20 billion, positioning it for what could be a multibillion-dollar listing as soon as late 2026.

The filing comes amid a period of robust financial performance for the exchange. In the third quarter of 2025, Kraken reported $648 million in revenue, marking a 50% increase from the previous quarter, while adjusted EBITDA surged 124% year-over-year to $178.6 million. Transaction volumes reached $562 billion during the same period, reflecting continued user engagement despite Bitcoin's price volatility hovering around $85,000 recently.

"We're seeing strong commercial momentum across our platforms," a company spokesperson said in a statement, though they declined to comment specifically on the IPO timeline. Efforts to restructure its capital raising have progressed smoothly, with a $500 million pre-IPO round in late 2025 initially targeting a $15 billion valuation before market demand pushed it higher.

Regulatory tailwinds have played a crucial role in Kraken's plans. The SEC dropped its lawsuit against the exchange earlier this year, part of what industry insiders describe as a "regulatory thaw" under the Trump administration's crypto-friendly stance. This shift has prompted several digital asset firms to rush toward public markets before the 2026 midterm elections, with filings from Grayscale, BitGo, and Consensys also expected in the coming months.

Kraken's expansion strategy includes recent acquisitions like the $1.5 billion purchase of NinjaTrader in May 2025, which broadened its offerings to include commission-free stock trading and futures. The company, founded in 2011, now serves millions of users globally and has been hiring in key areas despite cutting some redundant roles in April 2025 as part of a push into traditional finance.

Market analysts note that Kraken's IPO could ignite further bull market momentum, similar to how Coinbase's 2021 listing added legitimacy to the sector. "This isn't just about raising capital; it's about signaling maturity to Wall Street," one anonymous analyst commented. The exchange's pipeline includes plans to use IPO funds for global expansion and new product development, though specific details remain under wraps.

Without a successful listing, Kraken might face increased competition from rivals like Gemini and Circle, which went public in 2025. However, current probabilities suggest an 81.5% chance of completion by December 31, 2026, according to market data. The company has not disclosed exact timing, but sources indicate that regulatory review is ongoing, with a Q1 2026 target now leaning toward later in the year.

Correction: An earlier version of this article incorrectly stated the IPO filing date; it was November 2025, not 2024.