The confidential filing with the SEC for a US initial public offering came less than a week after Grayscale Investments announced a similar move.
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Kraken, the US cryptocurrency exchange headquartered in Wyoming, announced the confidential filing of a draft registration statement for a proposed initial public offering, following months of speculation among many in the cryptocurrency and blockchain industry.
In a Wednesday notice, Kraken it had confidentially submitted a Form S-1 with the US Securities and Exchange Commission for a proposed IPO of its common stock, setting the groundwork for the company to go public. The potential IPO is subject to review by the SEC, which recently after a 43-day government shutdown.
The filing came less than a week after Kraken co-CEO Arjun Sethi in which he said the exchange wasn’t “rac[ing] to the door as quickly as possible” to go public. Reports had been circulating since 2024 suggesting that Kraken was planning an IPO, but the company had largely not responded to the speculation until Wednesday.
Other US-based crypto exchanges like Gemini went public in 2025, while Coinbase was one of the early movers, having an IPO in 2021. On Thursday, Grayscale Investments , about four months after the asset manager had filed confidentially for an IPO.
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The proposed IPO came less than 24 hours after the exchange , following an $800 million raise across two funding rounds in 2025. Kraken did not mention plans for going public at the time.
Among large US-based crypto companies, Ripple Labs stands out for having no plans to go public. Monica Long, president of Ripple, reportedly that the company had no timeline for an IPO.
The report followed the SEC against Ripple, which was filed in December 2020. Many in the industry speculated that the company would make plans for an IPO without the threat of additional regulatory actions, but as of Wednesday, no one at Ripple appeared to have publicly announced any filing.
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