Cryptocurrency exchange Kraken, officially known as Payward Inc., is preparing to make its public debut, potentially as early as the first quarter of 2026.
This move comes at a time when the regulatory environment in the United States is perceived to be more favorable under President Donald Trump, contrasting sharply with the stringent measures that characterized the previous administration.
Kraken’s Journey Toward Going Public
Sources familiar with the situation, who spoke on the condition of anonymity to Bloomberg, revealed that while Kraken is eager to pursue its initial public offering (IPO), plans could still evolve before the announcement is made official.
In a recent statement, Kraken emphasized its commitment to transparency, highlighting its recent disclosure of 2024 financial highlights. “We recently disclosed 2024 financial highlights to be more transparent about our business, which is something we started by being the first to publish proof of reserves,” the company stated.
Kraken’s journey toward going public has not been straightforward. Over the past few years, the company faced numerous regulatory hurdles, particularly during the Biden administration, which imposed a series of enforcement actions against various crypto firms. However, recent developments suggest a shift in this trend.
As reported by Bitcoiist, Kraken successfully settled a case with the US Securities and Exchange Commission (SEC) and recently announced that another case was dropped without any charges or penalties.
The current administration, led by Trump, has shown a more supportive stance toward the cryptocurrency industry. In a notable event, Trump is set to meet with a group of crypto leaders, including Kraken’s Co-CEO Arjun Sethi, at the White House.
Tenth-Largest Crypto Exchange Amid Expansion
As the cryptocurrency market has rebounded, Kraken has experienced significant growth. The exchange reported a remarkable revenue increase, more than doubling to $1.5 billion in 2024, with adjusted earnings reaching $380 million. This growth trajectory places Kraken as the tenth-largest exchange globally by trading volume.
In addition to its IPO plans, Kraken is actively expanding its service offerings and geographic reach. The exchange has developed new products to cater to a diverse clientele, positioning itself as a competitive player in the rapidly evolving cryptocurrency landscape.
Kraken is not alone in its ambitions; the initial public offerings market for the cryptocurrency sector is gaining momentum, with other firms such as stablecoin issuer Circle, digital asset custodian BitGo, and crypto exchanges like Gemini and Bullish also considering going public.
Featured image from DALL-E, chart from TradingView.com
