Kraken Pursues U.S. IPO as Valuation Falls to $13.3B: CNBC
Kraken is moving ahead with a U.S. IPO as its valuation drops to $13.3 billion, following a $200 million stake purchase by Deutsche Börse.
RUKAIYA KADIVAL 
Crypto exchange Kraken is proceeding with plans for a U.S. initial public offering, even as its valuation has declined to $13.3 billion following a $200 million secondary transaction, according to CNBC. The move signals renewed momentum for public listings in the digital asset sector amid improving market conditions.
IPO Plans Move Forward After Market Pause
Kraken’s co-CEO Arjun Sethi confirmed that the company is continuing to pursue a U.S. IPO after a temporary slowdown tied to weaker cryptocurrency market conditions. The exchange had previously submitted a confidential draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission in November 2025.
At the time of the filing, Kraken did not disclose the number of shares to be offered or the expected price range. The listing remains subject to regulatory review and market conditions, with timing yet to be finalized.
The IPO effort had stalled after bitcoin prices dropped to around 40% below their October peak, dampening investor sentiment and delaying listing plans across the crypto sector.
Valuation Drops to $13.3 Billion
A recent $200 million secondary share transaction involving Deutsche Börse implies a valuation of $13.3 billion for Kraken’s parent company, Payward, Inc., according to CoinDesk. The deal involves the acquisition of a 1.5% fully diluted stake from existing shareholders and is expected to close in the second quarter, pending regulatory approvals.
The updated valuation represents a significant decline from the $20 billion level associated with Kraken’s $800 million fundraising round in November 2025. The drop reflects broader volatility in digital asset markets and changing investor sentiment over the past several months.
Despite the lower valuation, the transaction underscores continued institutional interest in crypto infrastructure and exchange platforms.
Strategic Partnership with Deutsche Börse
The investment builds on an existing strategic partnership between Kraken and Deutsche Börse announced in December 2025. The collaboration aims to integrate traditional financial market infrastructure with digital asset services, targeting institutional clients.
The partnership covers a range of functions including trading, custody, settlement, collateral management, and tokenized assets. The initiative is designed to bridge the gap between conventional finance and the rapidly evolving digital asset ecosystem.
Deutsche Börse has been expanding its presence in digital markets, having developed a crypto trading platform for institutional investors by 2024. It has also partnered with Societe Generale-FORGE to support euro- and dollar-denominated stablecoins within its post-trade infrastructure.
Crypto Market Recovery Supports Listing Prospects
Kraken’s renewed IPO push comes as cryptocurrency markets show signs of recovery. Bitcoin has rebounded to approximately $76,000, marking its highest level since February and gaining about 9% in April, according to CNBC.
The recovery has improved sentiment across the digital asset space, creating more favorable conditions for companies seeking to access public markets. The rebound follows a period of heightened volatility that had weighed on valuations and delayed listing plans.
Market participants are closely monitoring whether the improving price environment will sustain investor demand for crypto-related IPOs.
Business Overview and Product Offering
Founded in 2011, Kraken has established itself as one of the major global cryptocurrency exchanges. The platform offers trading in more than 450 digital assets, along with U.S. futures, U.S.-listed stocks and exchange-traded funds, and fiat currency trading services.
The company has expanded its product suite to cater to both retail and institutional clients, positioning itself as a diversified financial platform within the digital asset ecosystem.
Kraken’s continued push toward a public listing highlights its strategy to scale operations, enhance transparency, and access broader capital markets, even as the sector navigates evolving regulatory and market dynamics.
