Kraken confidentially files for U.S. IPO, targets Q1 2026

The plan comes as digital asset firms look to tap the listings window ahead of the 2026 midterm elections.

The exchange disclosed a confidential submission to U.S. regulators and has not set the number of shares or a price range. Confidential filings allow companies to start the review process without releasing full financials until closer to the offering.

The round, which included Jane Street and Citadel Securities, lifted Kraken’s valuation by about 33% in under two months to $20 billion.

Crypto listings have picked up in 2025, with stablecoin issuer Circle and exchanges Gemini and Bullish completing U.S. debuts. Policy signals from Washington, including President Donald Trump’s pledge to make the United States the “crypto capital of the world” and enactment of the Genius Act earlier this year, have lifted sentiment. With the midterms less than a year away, outcomes in congressional races could influence regulation.

Third Bridge analyst Jacob Zuller offered this view: “Kraken’s confidential IPO signals one thing, crypto is here to stay and crypto exchanges are not a winner takes all market. The pathway for crypto exchanges in the US is to innovate and expand with more tradable assets and penetrating payments.”

Other crypto-focused companies in the pipeline include asset manager Grayscale and custody firm BitGo.

Founded in 2011, Kraken has expanded beyond digital assets. The company added access to equities and rolled out commission-free stock trading. It has also pursued acquisitions, agreeing in May to buy retail futures platform NinjaTrader for $1.5 billion and purchasing futures venue Small Exchange from IG Group for $100 million last month.

Specific IPO terms, including offering size and valuation at listing, will be set closer to the transaction. The target for a market debut is the first quarter of 2026, subject to market conditions and regulatory review.

As we covered previously, Kraken raised $800 million in November 2025 to fund product growth and international expansion. The round included a $200 million strategic tranche from Citadel Securities that established an advisory partnership on market structure, risk and liquidity. Other participants were Jane Street, DRW Venture Capital, HSG, Tribe Capital and the family office of co-CEO Arjun Sethi. Kraken outlined plans to scale services across Latin America, Asia-Pacific, Europe, the Middle East and Africa and to strengthen regulated operations, while indicating no rush to pursue an IPO at that time.