Kraken Submits Confidential IPO Filing in the U.S.; Valuation Slips to $13.3 Billion

Kraken, one of the world's largest cryptocurrency exchanges, has confidentially filed for an initial public offering with the U.S. Securities and Exchange Commission, CNBC reported. The company confirmed the submission on April 14, moving forward with plans it first disclosed in November last year. Kraken's latest valuation is about $13.3 billion, down sharply from roughly $20 billion in November 2023, according to available data. The exchange had previously put its IPO ambitions on hold amid a broader crypto market downturn. Separately, Deutsche Börse Group has reportedly agreed to invest $200 million for a 1.5% fully diluted stake in Kraken.