tl;dr
Crypto exchange Kraken, legally known as Payward Inc., is preparing for an initial public offering (IPO) in early 2026. The company cites a more favorable regulatory environment under President Donald Trump, marking a significant shift from the regulatory hurdles it faced under the Biden administrat...
Kraken, a leading crypto exchange, is preparing for an initial public offering (IPO) in early 2026, citing a more favorable regulatory environment under President Donald Trump. The company's IPO plans are progressing rapidly, aiming to capitalize on the improving climate for crypto businesses. Kraken reported robust financial performance in 2024, achieving $1.5 billion in revenue and $380 million in adjusted EBITDA, reflecting a significant increase from the previous year. The company also processed $665 billion in trading volume and managed $42.8 billion in customer assets by year-end. Kraken's move aligns with a broader trend of crypto firms exploring IPOs amid growing institutional investor interest and regulatory clarity. Other companies considering public listings include Circle, BitGo, Bullish, and Gemini.
Despite facing regulatory challenges, including U.S. Securities and Exchange Commission (SEC) actions, recent developments have cleared the path for Kraken's public listing. The SEC dropped its case against Kraken, and the company resolved another case without penalties, reflecting a broader retreat by regulators under the Trump administration, which has adopted a more crypto-friendly stance. President Trump's supportive stance on digital assets has further encouraged industry leaders, meeting with over 20 top executives from the sector, including Kraken Co-CEO Arjun Sethi, at the White House Crypto Summit last Friday.
Kraken's IPO preparations have been accelerated by favorable regulatory shifts, robust financial performance, and growing institutional interest, signaling its readiness for a public debut in 2026.