Kraken Secretly Files for U.S. IPO, Valuation Drops to $13.3 Billion

According to CNBC, Arjun Sethi, Co-CEO of global major cryptocurrency exchange Kraken, confirmed on April 14 that the company has confidentially filed its initial public offering (IPO) application with the U.S. Securities and Exchange Commission (SEC). This IPO filing formally advances a plan first announced in November last year. Data shows Kraken’s latest valuation stands at approximately $13.3 billion—significantly down from $20 billion in November 2025. Previously, Kraken had paused its IPO plans amid a crypto market downturn. Earlier reports indicated that Deutsche Börse Group has committed to invest $200 million in exchange for a 1.5% fully diluted ownership stake in Kraken.