- Kraken is looking to go public as early as next year.
- The SEC dropped its case against the exchange, clearing a path for its IPO ambitions.
Following five years of setbacks, including a brutal crypto bear market and prolonged legal battles, Kraken is reviving its plans to go public as early as the first quarter of 2026, according to Bloomberg sources.
The exchange faced mounting regulatory pressure under the Biden administration, but Trump’s pro-crypto stance is opening the door for firms like Kraken to move forward.
Kraken’s IPO ambitions were long stalled by legal battles and regulatory pressure, but a major turning point came when the SEC recently dropped its lawsuit accusing Kraken of operating as an unregistered securities broker.
The decision marked the end of what the company described as a politically motivated campaign that clouded regulatory clarity and hindered innovation.
The past year has been pivotal for Kraken, as its trading volume jumped 148% to $665 billion, with revenue more than doubling to $1.5 billion.
Institutional and retail investor participation surged after Trump’s election victory in November 2024, fuelling greater demand for crypto trading services.
Kraken executives view the shift in regulatory approach as a catalyst for industry growth.
“The regulatory authority means that the risk for other people to enter the market is lower,” said Shannon Kurtas, a senior director at Kraken.
Kraken is part of a growing wave of crypto firms preparing to enter public markets alongside stablecoin issuer Circle, crypto custodian BitGo, and exchanges like Gemini and Bullish.
Kraken has yet to confirm its final strategy — whether through a direct listing, traditional IPO, or another approach.
A spokesperson told DL News, “We are always exploring all strategic options available to us to decide what’s in the best interest of the business and its stakeholders.”
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.