Kraken has secretly filed a Form S-1 with the US Securities and Exchange Commission (SEC) for an initial public offering (IPO).

This filing marks a significant step for the Wyoming-based crypto exchange, especially as the SEC has recently resumed normal operations following a government shutdown of 43 days.

Details of the IPO Filing

While this is the first official move toward a public listing, Kraken has not publicly commented on the filing through press releases or on its social media platforms. Previously, the urgency of going public was downplayed. Recently, co-CEO Arjun Sethi mentioned that they are not in a rush to secure a listing. Speculation about an IPO has circulated since 2024, but this disclosure is Kraken’s first substantial action.

Kraken now joins a growing list of crypto companies aiming for public listings after the return of President Donald Trump. Trading platforms Bullish and Gemini successfully launched their shares in August and September, respectively, while USDC stablecoin issuer Circle raised over $1 billion through a substantial offering.

Just recently, Kraken announced it had secured $800 million in new funding from major institutional investors like Jane Street and others as it continues to enhance its on-chain financial frameworks and global expansion. The investment from Citadel Securities, which valued Kraken at $20 billion, aligns with their strategy to expand into new regions and asset classes while also enhancing trading tools and institutional services.

Plans for Expansion

In March, Kraken acquired NinjaTrader for $1.5 billion to further diversify its offerings and grow its user base. The firm subsequently launched a regulated crypto derivatives product in Europe in May. Additionally, in October, Kraken expanded its reach through the acquisition of Small Exchange from IG Group.