Kraken signals IPO plans despite valuation drop

Kraken has indicated it is still pursuing an initial public offering despite reports that its plans had been paused due to market conditions.

The crypto exchange confidentially filed for an IPO with the US Securities and Exchange Commission in November, although a March report suggested the process may have been put on hold.

“I believe that’s news,”

Said Kraken co-CEO, Arjun Sethi, when confirming the confidential filing during the Semafor World Economy 2026 conference.

Kraken’s valuation has fallen to $13.3 billion from $20 billion after Deutsche Börse Group invested $200 million in its parent company Payward for a 1.5% stake.

The investment is aimed at integrating crypto and traditional finance into a unified infrastructure for institutional clients, according to Kraken.

Sethi said the company’s IPO strategy is driven by long-term considerations rather than short-term market or policy changes, emphasising a multi-year growth outlook.

He added that going public is not solely about raising capital, but also depends on market conditions and regulatory trust as Kraken evaluates its timing and approach.