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Crypto exchange Kraken is still pursuing a potential US initial public offering, even after its valuation fell sharply and IPO plans were paused amid volatile market conditions, its co-chief executive said.
Kraken confidentially filed an S-1 registration statement with the US Securities and Exchange Commission in November, but delayed its IPO plans due to difficult market conditions.
Co-CEO Arjun Sethi said Tuesday that the public offering “is still on the table,” indicating the company continues to evaluate long-term access to public markets despite near-term uncertainty.
Kraken is currently valued at about $13.3 billion, down from roughly $20 billion in November. The change reflects shifting sentiment across crypto-linked assets and broader capital markets.
Despite the IPO delay, Kraken has continued to attract institutional support. Between 2011 and 2024, the company raised about $27 million in early-stage funding, but fundraising has accelerated in recent months.
Since mid-2025, Kraken has raised roughly $600 million in a round led by proprietary trading firms Jane Street and DRW, followed by a $200 million investment from hedge fund manager Citadel.
Kraken also completed a $200 million secondary transaction involving German exchange operator Deutsche Börse, which reportedly acquired a 1.5% stake in the company.

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