Kraken co-CEO Arjun Sethi confirmed Tuesday that the cryptocurrency exchange has filed a confidential application for an initial public offering with the U.S. Securities and Exchange Commission (SEC).
Sethi disclosed the filing during the Semafor World Economy summit in Washington, D.C. The company reportedly submitted the paperwork around November 2025.
This move follows a period of significant valuation shifts for the exchange. In late 2025, Kraken raised $800 million at a $20 billion valuation.
Valuation decline
An investment round completed in April 2026 valued the exchange at $13.3 billion. This figure represents a roughly 33% decrease from its peak valuation late last year.
The recent funding round included a $200 million secondary share purchase by Deutsche Börse Group, the operator of the Frankfurt Stock Exchange.
While the company's market value has retreated, the confidential filing signals the exchange's intent to enter the public markets.
