Cryptocurrency exchange Kraken has filed a draft registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering.
Cryptocurrency exchange Kraken has filed a draft registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering.
The confidential filing was made on Form S-1 by Payward Inc., which operates as Kraken. The company has not yet determined the number of shares to be offered or the price range for the proposed offering.
The filing comes just a day after Kraken announced it had raised $800 million in a funding round that values the company at $20 billion. The funding consists of a primary tranche led by numerous institutional investors including Jane Street and DRW Venture Capital. A separate $200 million strategic investment from Citadel Securities was executed at the $20 billion valuation.
Founded in 2011, Kraken operates a digital asset trading platform where clients can trade more than 450 digital assets, U.S. futures, U.S.-listed stocks and exchange-traded funds, and fiat currencies. In May 2025, the company acquired NinjaTrader, a retail futures trading platform, for $1.5 billion to expand into multiple asset classes and grow its user base.
Other digital asset companies, including stablecoin issuer Circle and Winklevoss twins’ crypto exchange Gemini, have priced highly successful IPOs in the U.S. this year.