Kraken Confidentially Files for U.S. IPO Targeting Q1 2026 Listing

Kraken has taken the first formal step toward going public by confidentially filing for a U.S. initial public offering. The cryptocurrency exchange plans to list in early 2026, riding the wave of successful debuts by digital asset firms this year.

The filing follows Kraken's recent $800 million funding round at a $20 billion valuation - a 33% surge in just two months. Wall Street heavyweights Jane Street and Citadel Securities participated in the round, signaling institutional confidence in crypto infrastructure plays.

While offering terms remain undetermined, Kraken's move comes amid a favorable regulatory climate. The TRUMP administration's pro-crypto stance has created tailwinds for public listings, with Circle, Gemini and Bullish all making strong market entries this year.

The exchange has aggressively expanded beyond its crypto roots, acquiring NinjaTrader for $1.5 billion and Small Exchange for $100 million. These strategic purchases position Kraken as a diversified trading platform ahead of its public debut.