Kraken, the second-largest US-based crypto exchange by trading volume, is reportedly gearing up for a public launch.
According to a new report by Bloomberg, Kraken, known officially as Payward Inc., is planning on an initial public offering (IPO), or stock launch, in the first quarter of 2026.
Bloomberg cites sources with knowledge of the matter but who requested to remain anonymous since the plans have yet to be made public.
Says Kraken,
“We recently disclosed 2024 financial highlights to be more transparent about our business, which is something we started by being first to publish proof of reserves and we’re going to continue to prioritize going forward. We’ll pursue public markets as it makes sense for our clients, our partners and shareholders.”
According to Bloomberg, several crypto companies are planning on going public, following the election of US President Donald Trump, who is seen as pro-crypto when compared to his predecessor Joe Biden.
Stablecoin issuer Circle, digital-asset custodian BitGo and crypto exchanges, including Gemini and Bullish, have indicated a desire to go public.
One sign of the Trump administration’s support of the crypto sector is the U.S. Securities and Exchange Commission (SEC) dropping legal actions that were started under the Biden administration against several digital asset companies.
According to Kraken, the SEC has agreed “in principle” to dismiss its lawsuit against the exchange. Kraken says the SEC is dropping the lawsuit “with prejudice, with no admission of wrongdoing, no penalties paid and no changes to our business.”
Kraken alleges the SEC’s investigation was politically motivated and meritless.
Kraken’s revenue more than doubled to $1.5 billion in 2024. Meanwhile, top US crypto exchange Coinbase reported about $6.6 billion in revenue last year.
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