Kraken, a popular cryptocurrency exchange, is preparing for a potential IPO in 2025. According to Bloomberg News, Kraken plans to raise $100 million through a final funding round later this year to support support its IPO ambitions.
🔍 Looking for strategic partnerships:
The exchange is said to be looking for a prominent company to join its board and help organize the IPO. While discussions with potential partners are still ongoing, they have only made verbal exchanges on terms and valuation with no formal documentation. Kraken has not officially confirmed IPO plans but emphasized its focus on accelerating global cryptocurrency adoption.
📈 Previous speculations:
Rumors of a Kraken IPO have been circulating since February 2021, with initial reports suggesting a $10 billion valuation. In March 2021, Kraken's co-founder and then-CEO Jesse Powell hinted at a potential IPO, calling the $10 billion valuation "low." Although the IPO was expected to take place in 2022, it did not materialize.
💹 Capital source and market position:
According to Crunchbase data, Kraken has raised more than $30 million in more than 20 funding rounds. The exchange's strategy includes seeking both private and public funding to strengthen its market position and support its initiatives.
⚖ Legal challenges:
Kraken's IPO ambitions face potential hurdles due to ongoing legal issues with the US Securities and Exchange Commission (SEC). In November 2023, the SEC sued Kraken, accusing it of operating as an unregistered securities exchange.
🌟 Why this is exciting news:
We finally have a CRYPTO EXCHANGE moving towards an IPO, which is absolutely a historic event and an incredible milestone for the crypto world, and has contributed greatly to the increased awareness awareness and widespread adoption of the crypto space!
Kraken and Jesse Powell have done a lot for crypto since the inception of the industry, so I wish them all the best and success!
