Kraken Targets $13.3B IPO Valuation as Crypto Markets Stabilize

Kraken is pressing ahead with plans to list in the U.S., even as crypto markets remain choppy. Speaking at the Semafor World Economy 2026 Conference in Washington, co-CEO Arjun Sethi said the exchange has "confidentially filed" for an initial public offering, pushing back on speculation that the IPO had been shelved. Sethi added that Kraken wants to bring sophisticated, professional-grade trading tools to everyday investors. Kraken first submitted IPO paperwork to the U.S. Securities and Exchange Commission in November 2025, according to CNBC. Institutional appetite for the company appears intact. Deutsche Börse Group recently invested $200 million in Kraken parent Payward for a 1.5% stake, implying a valuation of about $13.3 billion. The figure remains below Kraken's prior $20 billion valuation. Kraken said the relationship is aimed at narrowing the gap between crypto and traditional finance by building a more connected and efficient setup for institutional investors. The exchange has also been expanding beyond retail trading, positioning itself to offer deeper liquidity, more advanced tools and a more stable ecosystem as the industry matures. Kraken's path to a public listing has been uneven, with valuation pressure and earlier hesitation during the market downturn. Conditions have improved as Bitcoin rebounded, rising back toward $76,000 in April, a recovery that could support Kraken's timing for a debut. Separately, a Kraken-backed SPAC, KRAKacquisition, has outlined plans for a $10 billion acquisition search focused on targets tied to stablecoins, DeFi, tokenization and digital payments.