Kraken, one of the world’s largest cryptocurrency exchanges, said on Wednesday it has confidentially filed for an initial public offering in the U.S., as digital asset companies look to tap the new listings market before the 2026 midterm elections.
Companies such as stablecoin issuer Circle and crypto exchanges Gemini and Bullish have made strong debuts in the U.S. this year.
Kraken’s potential listing will fuel competition in a sector where sentiment has turned more upbeat amid support from the Trump administration.
President Donald Trump, who has pledged to make America the “crypto capital of the world”, signed the Genius Act into law earlier this year, boosting confidence in the digital asset sector.
“Kraken’s confidential IPO signals one thing, crypto is here to stay and crypto exchanges are not a winner takes all market. The pathway for crypto exchanges in the US is to innovate and expand with more tradable assets and penetrating payments,” said Third Bridge analyst Jacob Zuller.
Kraken’s announcement comes a day after the company said it was valued at $20 billion in its latest capital raise, a 33% increase in under two months. The funding involved participation from Wall Street heavyweights Jane Street and Citadel Securities.
The crypto exchange plans to go public in the first quarter of 2026, Reuters had reported last month.
The recent fundraise and IPO could allow Kraken to invest in the growth of its products and overseas expansion, Zuller said.
With midterm elections less than a year away, analysts expect some urgency from crypto companies in pursuing IPOs to get ahead of any uncertainty. The presidential party tends to lose ground in midterm elections, which could reshape the landscape for the digital asset industry.
Crypto-focused asset manager Grayscale and custody startup BitGo are among the companies currently in the IPO pipeline.
Kraken, founded in 2011, said the number of shares to be offered and the price range have not yet been determined.
Initially focused on crypto, the company has expanded across asset classes in recent months, including equities with the rollout of commission-free trading.
Kraken has also been expanding aggressively through acquisitions, buying retail futures trading platform NinjaTrader for $1.5 billion in May and futures exchange Small Exchange from IG Group for $100 million last month.
Reuters
