Kraken Revives IPO Track; Deutsche Börse Invests $200M for 1.5% Stake

Kraken has restarted preparations for a U.S. initial public offering after putting the process on hold earlier, citing improved market conditions. Co-CEO Arjun Sethi said Tuesday in Washington, D.C. that the crypto exchange has confidentially filed for an IPO in the U.S. and is keeping the registration active while it assesses timing. Sethi made the remarks at the Semafor World Economy conference, adding that Kraken is continuing to broaden access to advanced trading tools for retail users. The renewed listing push comes alongside a new strategic investment. Deutsche Börse Group has agreed to invest $200 million in Kraken for a 1.5% fully diluted stake, an investment Bloomberg said implies a valuation of about $13.3 billion. That marks a pullback from the roughly $20 billion valuation cited in late 2025. Kraken first submitted a draft Form S-1 to the U.S. Securities and Exchange Commission in November 2025 but did not set a listing timetable. The company later paused the process during a market downturn. Deutsche Börse confirmed the $200 million investment and signaled that the relationship could deepen ties between Kraken and its digital-market infrastructure, including 360T and 360X, which support foreign-exchange trading and tokenized securities. The partners aim to strengthen connectivity between traditional markets and digital assets. Kraken has also been expanding its product suite. The exchange recently rolled out tokenized stocks, which have surpassed $5 billion in volume across venues and attracted more than 37,000 users. While the IPO schedule remains undecided, market conditions have improved from earlier this year, when Kraken paused plans as crypto prices fell. At that time, Bitcoin was down about 40% from its October peak. More recently, Bitcoin rose to around $76,000 and gained about 9% in April. Kraken reported strong momentum in 2025: revenue climbed 33% to more than $2.2 billion, supported by trading and asset-based services. Transaction volume hit $2 trillion, and platform assets grew to $48.2 billion.