Crypto exchange Kraken confirms it has confidentially filed for an IPO

Kraken co-CEO Arjun Sethi mentioned Tuesday that the crypto exchange has confidentially filed for a U.S. initial public offering, confirming CNBC’s previous reporting on the matter.

The crypto exchange’s valuation has fallen to about $13.3 billion from $20 billion reported in November, per reports. This also touches on aspects of portfolio.

Less than a month ago, Kraken froze its IPO plans amid a crypto winter that pushed the price of bitcoin down to 40% below its October record.

Kraken co-CEO Arjun Sethi reiterated Tuesday that the crypto exchange has confidentially filed for a U.S. initial public offering.

In November 2025, CNBC reported Kraken was planning its debut. Separately, Kraken noted in a blog post at the time that it had submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission, but that it didn’t yet know when the offering would occur.

Sethi’s comments were made at the Semafor Planet Economy conference in Washington, D.C., the website reported. The executive commented Kraken strives to construct advanced trading strategies typically reserved for professional investors available to individual investors, according to Semafor.

The crypto exchange has reportedly lost more than $6 billion in its valuation. Earlier on Tuesday Bloomberg reported that Deutsche Börse Group has committed to investing $200 million in Kraken in exchange for a 1.5% fully diluted ownership stake, implying a $13.3 billion valuation. In November, Kraken proclaimed an $800 million raise at a $20 billion valuation.

Less than a month ago, Kraken froze its IPO plans amid a crypto winter that pushed the price of bitcoin to 40% below its October record. The flagship cryptocurrency has been climbing higher in recent weeks. It rose as high as $76,000 on Tuesday, a level not seen since February, and is now up 9% for the month of April.

Rival crypto exchange Gemini Space Station has seen its stock fall nearly 49%, shares are up , on the other hand15% month to date.

—CNBC’s Liz Napolitano contributed reporting.

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