Kraken files confidential IPO after raising $800M at $20B valuation

Kraken submitted a confidential S-1 filing for an initial public offering on November 19. The San Francisco-based exchange had closed an $800 million funding round at a $20 billion valuation less than a week earlier, with participants including Citadel Securities, Jane Street, DRW Venture Capital, and Oppenheimer. The move positions Kraken among a wave of crypto firms pursuing public listings, with Circle, BitGo, Gemini, Bullish, and Grayscale also in the pipeline—a group that could collectively represent nearly $100 billion in market capitalization.