Kraken Files for U.S. IPO

Crypto Exchange Kraken Moves Toward a 2026 Public Listing

Kraken, a leading U.S.-based cryptocurrency exchange and Raison portfolio company, has confidentially filed for an IPO in the United States, targeting a listing in early 2026. Details on the public offering’s structure and pricing have not yet been disclosed.

The filing comes during a renewed wave of digital-asset IPO activity, with Circle, Gemini, and Bullish already debuting this year. Crypto companies are moving quickly to take advantage of the current listing window ahead of the 2026 midterm elections, which could reshape the industry’s regulatory landscape. Support from President Donald Trump, including the recently enacted Genius Act, has further strengthened sentiment across the sector.

Kraken’s Rising Valuation Signals Market Confidence

The filing follows a fresh funding round that lifted Kraken’s valuation to $20 billion, a 33% increase over the past two months. The round attracted major Wall Street participants such as Jane Street and Citadel Securities, underscoring growing confidence in infrastructure-focused digital-asset platforms.

Third Bridge analyst Jacob Zuller notes that Kraken’s potential IPO reflects a more mature competitive environment: exchanges now differentiate through broader asset coverage, new payment capabilities, and integrated trading products.

Expansion Across Asset Classes

Founded in 2011 as a crypto-only exchange, Kraken has rapidly diversified in recent months. The company launched commission-free equity trading and expanded its derivatives offering through two major acquisitions — NinjaTrader for $1.5 billion in May and the Small Exchange for $100 million in October.