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Kraken

Kraken Bolsters IPO Ambitions With Plans Of A Massive $100 Million Funding Injection

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

US-based cryptocurrency exchange Kraken, is reportedly considering a final funding round as it explores the possibility of an initial public offering (IPO), according to sources familiar with the matter. The exchange has received inquiries from potential investors amid the current rally in the digital asset market.

Kraken Gears Up For Pre-IPO Funding Round

According to a Bloomberg report, sources suggest that Kraken is likely to seek more than $100 million in funding. The renewed interest from investors, coupled with a perceived shift in US regulatory attitudes towards digital assets, has reignited discussions about companies in the crypto sector going public. Just recently, Bitcoinist also reported that Robinhood acquired another crypto exchange Bitstamp.

Related Reading: Bitcoin Miner Selling Intensifies, BTC Reserves Fall To 3-Year Lows

Kraken has been contemplating an IPO since at least 2021. The funding round, potentially designated as a pre-IPO round, is expected to be finalized by the end of the year, according to one source. 

Kraken, founded in 2011 in San Francisco and operating under its parent company Payward, has stated that it remains committed to its mission of accelerating global adoption of cryptocurrencies.

While Kraken has expressed its intentions to go public for several years, previous market downturns and regulatory challenges, including ongoing legal battles with the US Securities and Exchange Commission (SEC), have hindered its progress. 

Kraken settled one case with the SEC in 2020 but is still involved in another case in which it is accused of operating an unregistered securities broker-dealer, clearing agency, and exchange. The company disputes these allegations.

Favorable Regulatory Winds

In recent months, US regulators and politicians have taken a more favorable stance toward cryptocurrencies as the US presidential campaigns have shifted, with crypto becoming one of the main issues in the race for the White House. 

The US SEC’s approval of exchange-traded funds (ETFs) investing in Bitcoin and its steps towards approving similar funds for Ethereum, also indicate a growing acceptance of digital assets. 

According to Bloomberg, with the surge in crypto prices throughout the year, Kraken is projected to generate revenue between $1 billion and $2 billion this year, according to insiders. 

In comparison, Coinbase, the largest US crypto exchange, which went public through a direct listing in 2021, is estimated to achieve revenue of $5.9 billion, as compiled by Bloomberg analysts.

Related Reading: Standard Chartered Predicts Bitcoin Surge To $100,000 Pre-US Elections

Kraken is now actively seeking a company to join its board and ensure a successful IPO, potentially as early as next year. The discussions thus far have involved informal exchanges of terms and valuations, without formal documentation.

Kraken
The daily chart shows the total crypto market cap’s recovery. Source: TOTAL on TradingView.com

The total crypto market capitalization now stands at $2.5 trillion, while Bitcoin, the largest cryptocurrency on the market, is consolidating above the key $70,000 threshold.

Featured image from DALL-E, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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