Kraken secretly submits for a U.S. IPO, valuation drops to $13.3 billion

Kraken's co-CEO Arjun Sethi confirmed that the company has secretly submitted an initial public offering (IPO) application to the U.S. Securities and Exchange Commission. This IPO application has been formally advanced after plans for the initial disclosure last year.

Data shows that Kraken's latest valuation is approximately $13.3 billion, a significant decrease from $20 billion in 2025. Previously, Kraken had paused its IPO plans due to a downturn in the cryptocurrency market. Deutsche Börse Group has committed to investing $200 million in exchange for a 1.5% fully diluted ownership stake in Kraken.