Kraken filed a confidential S-1 with the SEC to begin its public listing process.
The S-1 filing followed an $800 million financing round announced earlier that day.
The funding round valued Kraken at $20 billion.
The SEC dropped its betting-related case against Kraken in March.
Kraken’s planned IPO would be the largest US crypto listing since 2021.
Kraken has filed confidential paperwork with US regulators to begin the process of becoming a publicly traded company. The filing came on Wednesday, just hours after the cryptocurrency exchange announced an $800 million fundraising round that put its valuation at $20 billion.
According to the company, a draft S-1 registration has been filed with the U.S. Securities and Exchange Commission. The S-1 is the required document for companies planning to list shares on a U.S. exchange. Kraken said it has not yet decided on the number of shares it will offer or the price range for the planned sale.
The stock market’s path toward a public listing has been closely watched this year. In March, the SEC, under the Trump administration, ended its lawsuit against Kraken over its betting program. The withdrawal of that case removed a major barrier that had raised questions about Kraken’s ability to move toward a public offering.
Financing round sets new valuation
For months there was talk of a large capital increase surrounding Kraken as the exchange prepared for a possible listing.
That expectation became concrete on Tuesday, when the company announced a $800 million round backed by well-known financial groups, including Citadelthe firm led by Ken Griffin.
The new round set Kraken’s valuation at $20 billiongiving the company considerable financial footing ahead of its first public presentation. The capital gives Kraken room to scale its trading, custody and compliance infrastructure at a time when exchanges face stricter oversight and greater operational demands.
Kraken has been active since 2011 and is one of the oldest crypto trading platforms in the US. An initial public offering for the company would be the largest public debut for a crypto exchange since Coinbase listed in 2021 and would mark a rare entry by a digital asset company into traditional markets after a period of reduced investor appetite.
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