The crypto exchange Kraken is preparing for a funding round of 100 million dollars in anticipation of a possible IPO, according to a report.
Not by chance, in 2021, the cryptocurrency exchange had declared that, in case of a stock market listing, it would opt for a direct listing, anticipating the IPO of Coinbase. Let’s see all the details below.
Possible IPO: the exchange Kraken plans a significant fundraising in the crypto ecosystem
As anticipated, the cryptocurrency exchange Kraken, based in the United States, is exploring the possibility of raising over 100 million dollars through a financing round in anticipation of a potential initial public offering (IPO).
According to a report by Bloomberg from June 6, citing well-informed sources, Kraken is considering a funding round that could generate more than 100 million dollars by 2025.
The exchange has stated that it is constantly seeking strategies to promote the global adoption of cryptocurrencies, while not explicitly commenting on the possibility of an IPO.
In November 2023, Kraken was involved in a civil lawsuit filed by the United States Securities and Exchange Commission (SEC).
The regulatory authority has accused Kraken of operating as an unregistered exchange and of raising funds from investors in violation of securities laws.
In the meantime, Coinbase became the first cryptocurrency exchange to go public in the United States in 2021, choosing Nasdaq.
Before this IPO, Kraken had announced that it would prefer a direct listing rather than using a special purpose acquisition company.
Kraken marks the largest outflows of Bitcoin and Ethereum since 2017
Recent data shows that Kraken has recorded its largest outflows of Bitcoin (BTC) and Ethereum (ETH) since 2017, indicating a significant change in digital asset holdings, with potentially wide implications for the market.
According to the insights of Joao Wedson from Dominando Cripto, shared on the quick-take platform of CryptoQuant, Kraken has seen an outflow of 49,100 BTC, equivalent to approximately 3.33 billion dollars.
This massive withdrawal represents the largest movement of funds from the exchange in terms of dollars. Ethereum has also followed a similar trend, with approximately 572,100 ETH, worth about 2.15 billion dollars, leaving the platform.
The substantial reduction in Kraken’s reserves has brought the levels of Bitcoin back to those last seen in 2018, with approximately 122,300 BTC held. Even more significant is the fact that Ethereum reserves have fallen below one million for the first time since early 2016.
Despite the news initially seeming alarming, Wedson reveals that address screenings indicate “synchronized and rapid” asset movements.
This suggests that the outflows could be part of a strategic repositioning of reserves by Kraken itself, or a planned institutional strategy.
These movements might therefore not be indicative of a crisis, but rather of a strategic adaptation to the dynamics of the cryptocurrency market.
Binance, Kraken and other exchanges reject collusion accusations as the BSV lawsuit intensifies
The legal battle between BSV Claims Ltd and several cryptocurrency exchanges, including Binance, Kraken, and ShapeShift, has recently undergone a significant escalation.
BSV Claims is requesting compensation of 9 billion dollars for the holders of Bitcoin SV (BSV), a request that the defendants are vigorously contesting.
The legal controversy, currently ongoing in London, revolves around the delisting of BSV by these exchanges in 2019, a decision that BSV Claims argues was the result of a concerted action.
According to the accusation, the exchanges allegedly orchestrated a campaign to discredit BSV, citing as evidence announcements on social media and a Twitter poll conducted by Kraken.
BSV Claims argues that the delisting has deprived investors of significant growth opportunities.
The company claims that BSV holders have lost potential gains that the cryptocurrency could have achieved if it had remained listed, resulting in a compensation claim of 9 billion dollars.
The accused exchange, supported by a robust legal team, strongly reject these accusations of collusion.
They state that the delisting decisions were made individually, based on legitimate concerns regarding the profitability and security of the BSV market.
Furthermore, they emphasize that investors had ample time to sell their tokens between the delisting announcement and the actual removal, thus contesting the idea of missed opportunities.
