Michaela
U.S.-based Crypto exchange Kraken has confidentially submitted a draft registration with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO), ending months of industry speculation.
- Kraken has confidentially filed a Form S-1 with the SEC for a proposed U.S. IPO, following a $20B valuation and $800M raised in 2025.
- U.S. crypto exchanges like Coinbase and Gemini have gone public, while OKX is also exploring a U.S. IPO amid regulatory pressures in Asia.
- The filings emphasize a trend of crypto platforms seeking mainstream financial integration, balancing growth with regulatory compliance.
Kraken announced in a Wednesday notice that it confidentially filed a Form S-1 with the SEC for a proposed IPO of its common stock, initiating the review process required for the company to go public.
The filing follows comments from Kraken co-CEO Arjun Sethi, who recently stated the exchange was not rushing to go public, despite 2024 reports indicating plans for an IPO.
Kraken’s IPO filing comes as U.S. crypto exchanges continue to explore public offerings, following Coinbase’s 2021 IPO and Gemini’s 2025 debut. The announcement arrives shortly after Grayscale Investments submitted its own Form S-1, four months after a confidential filing. Less than a day before the filing, Kraken revealed a $20 billion valuation after raising $800 million across two 2025 funding rounds.
In June, reports emerged that OKX is exploring the possibility of a public listing in the United States following its relaunch in the country and amid increasing regulatory pressures across Asia. Since returning to the U.S. market in April, the crypto exchange has reportedly been considering both an initial public offering and a potential listing on a domestic stock exchange.
OKX’s potential U.S. IPO comes as the exchange faces mounting regulatory challenges in Asia. In late May, the Thai Securities and Exchange Commission announced a ban preventing OKX and four other exchanges, Bybit, 1000X, CoinEx, and XT.COM, from operating within Thailand. This regulatory crackdown adds urgency for OKX to pursue new growth avenues and compliance strategies outside of the Asian market.
As the crypto industry continues to evolve, exchanges like Kraken and OKX are navigating a complex landscape of market opportunities, investor expectations, and regulatory oversight. Their moves toward potential public listings in the U.S. signal a broader trend of mainstream financial integration for digital asset platforms.
These developments spotlight the increasing sophistication of the sector, where strategic timing, compliance, and market positioning play crucial roles in shaping long-term growth. The outcomes of these IPO explorations may set precedents for the broader market and influence future capital-raising strategies in the space.
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
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