Kraken Upcoming IPO: Inside the crypto exchange’s path to going public

One way to approach investing is to choose companies that power trends, rather than just allocating to the more direct aspects of the trends. For example, if precious metals surge, you might invest in a mining company, not just gold or silver bullion. If there's a real estate boom, you might invest in a real estate brokerage, not just specific properties. And with crypto becoming more mainstream, you might invest in crypto exchanges like Kraken that facilitate trades, rather than choosing particular coins or tokens.

While taking this zoomed-out approach isn't inherently better or worse than other investment strategies, it could provide diversified or at least alternative exposure to a category you have conviction in.

Indeed, investors have taken interest in companies like Kraken, with this crypto exchange reaching a $20 billion valuation in November 2025 and confidentially filing its S-1 with the SEC shortly thereafter.⁵, ⁶ Although the path to a public listing has not been linear, the filing signals that an IPO remains a serious possibility.

Kraken: Company background

Kraken, officially called Payward Inc., was founded in 2011 by Jesse Powell, Thanh Luu and Michael Gronager.⁷ The exchange launched in 2013, initially by offering trading between euros and two cryptocurrencies: Bitcoin and Litecoin.⁸ Since then, the company has expanded to offer trading between many fiat currencies (such as USD and GBP) and over 600 different cryptocurrencies.⁹ In addition to spot trading, it offers margin, futures and index services, among others.

The company started in San Francisco¹⁰ but moved its global headquarters to Cheyenne, WY, in 2025.¹¹ In 2020, Kraken became the first digital asset company to receive a federal- and state-recognized bank charter in the U.S., enabling the company to provide banking services for digital assets, e.g., paying bills in Bitcoin.¹²

Kraken IPO date and timeline

The road toward Kraken's public listing has featured several milestones and at least one notable pause. Bloomberg reported in March 2025 that Kraken was looking to go public as soon as Q1 2026, citing the more crypto-friendly regulatory environment under the Trump administration.¹³ Reuters similarly reported in October 2025 that Kraken was targeting a Q1 2026 IPO.¹⁴

On Nov. 19, 2025, Kraken announced it had confidentially filed its S-1 with the SEC, a step companies typically take ahead of a potential initial public offering (IPO).¹⁵ A confidential S-1 filing allows a company to begin the SEC review process without publicly disclosing its financials, giving it flexibility on timing.

However, Kraken paused its public listing plans in March 2026 because of difficult market conditions.¹⁶ The company had confidentially filed its S-1 with the SEC in November 2025, preserving flexibility around the timing of any eventual IPO.¹⁷ Reuters has also reported that crypto firms in general are looking to go public before the November 2026 midterms, which could provide additional context for Kraken's timeline.¹⁸

Advancing crypto globally

Since its launch, Kraken has grown substantially alongside the crypto industry, in a bit of a chicken vs. the egg relationship (i.e., while growth in crypto adoption generally helps Kraken, the company also arguably facilitates conditions for more crypto usage).

Part of Kraken's growth has come from acquisitions, in addition to the popularity of its core trading platform. For example, in 2019, Kraken bought index provider CF Benchmarks for a nine-figure sum, which has seemed to pay off given the proliferation of Bitcoin ETFs that license CF Benchmark's Bitcoin Reference Rate.¹⁹ Kraken also announced in December 2025 that it agreed to acquire Backed Finance,²⁰ which has previously helped Kraken launch tokenized versions of major U.S. stocks like Apple, Tesla and Nvidia for global investors outside the U.S.²¹ These "xStocks," built on the Solana blockchain, offer 24/7 trading and are backed by real shares. The move reflects rising demand for blockchain-based equity access.²²

Kraken has also started to expand outside of just crypto, such as with its $1.5 billion acquisition of NinjaTrader, a U.S. retail futures trading platform for both crypto and traditional futures markets.²³ The company has also attracted institutional capital beyond its core investor base; Deutsche Börse invested $200 million at a $13.3 billion valuation, signaling growing interest from traditional financial infrastructure providers.²⁴

That said, it hasn't always been a smooth path forward for Kraken. In particular, it has faced regulatory hurdles, such as with the SEC charging Kraken in 2023 for operating "as an unregistered securities exchange, broker, dealer, and clearing agency."²⁵ However, this lawsuit was dropped in March 2025,²⁶ with the change in administration apparently being more conducive to crypto-related operations. Still, global regulation could be one of several risks, along with competition from other prominent exchanges and the potential for investors to sour on crypto.

Kraken stock price history

Kraken's Forge Price is $32.52 at a $10.58 billion valuation, as of May 5, 2026.²⁷ Forge Price is a derived data point that reflects the up-to-date price performance of venture-backed, late-stage companies, and is calculated based on a proprietary model incorporating pricing inputs from primary funding round information and secondary market transactions on Forge.

Investors can track how Kraken's Forge Price compares to broader private market trends by referencing the Forge Private Market Index, which reflects the up-to-date performance and pricing activity of venture-backed, late-stage companies that are actively traded in the private market.²⁸

Kraken funding history and private market valuation

Kraken has a relatively limited funding history from primary funding rounds, despite the company's substantial valuation growth since inception. In 2013, it raised around $200,000 for a seed round, which valued the company at $2 million.²⁹

In 2016, Kraken's Series A raised over $12 million at a $67.37 million valuation.³⁰ This round was led by Hummingbird Ventures, along with investors such as Barry Silbert's Digital Currency Group and Trace Meyer.³¹

In 2019, Kraken reportedly raised $13.5 million from crowdfunding from over 2,000 investors, pushing the company's valuation above $4 billion.³²

Kraken's Series B occurred in 2020, with a $52.5 million raise at a $5.52 billion valuation.³³

It wasn't until September 2025 that Kraken had its next primary funding round, when its Series C raised $500 million at a $15 billion valuation.³⁴

In November 2025, Kraken announced that it raised $800 million across two segments. The primary raise included investors such as Jane Street, DRW Venture Capital and Tribe Capital, as well as investment from Kraken Co-CEO Arjun Sethi's family office. The second tranche of this funding included a $200 million investment from Citadel Securities at a $20 billion valuation.³⁵ Deutsche Börse subsequently invested $200 million at a $13.3 billion valuation, reflecting a different pricing benchmark than the November round.³⁶

How to invest in Kraken before its IPO

While Kraken remains a private company, accredited investors may still be able to gain exposure before a potential public listing. Private company shares are often available on secondary marketplaces, where early investors or employees look to sell their holdings ahead of a liquidity event.

Through Forge Marketplace, investors can access a simplified, self-directed trading experience to submit bids and manage documents. The marketplace offers real-time pricing transparency via Forge Price and live order book data, helping participants make more informed decisions. Experienced private market specialists are also available to assist throughout the trade lifecycle upon request. investors can access a simplified, self-directed trading experience to submit bids and manage documents. The marketplace offers real-time pricing transparency via Forge Price and live order book data, helping participants make more informed decisions. Experienced private market specialists are also available to assist throughout the trade lifecycle upon request.

Those looking to learn more about the process may also read Forge's buyer's guide to investing in private market shares. To start exploring opportunities, create an account.

Looking ahead

With its confidential S-1 filing still active and the broader crypto IPO pipeline building momentum, Kraken’s public debut remains possible, though timing is uncertain. Readers may check back here or take a look at Forge's upcoming IPO calendar to stay in the loop about Kraken's IPO timeline and other pending public offerings.

For now, interested investors can also learn more about how to invest in Kraken pre-IPO.