Kraken Quietly Files Confidential IPO Paperwork With U.S. SEC, Valuation Seen at $13.3B

Kraken co-CEO Arjun Sethi said the crypto exchange has confidentially submitted IPO documents to the U.S. Securities and Exchange Commission. Market estimates put Kraken’s valuation at about $13.3 billion, down from roughly $20 billion in November 2025. The company had previously put its listing plans on hold amid unfavorable market conditions. Earlier reports also said Deutsche Börse plans to invest about $200 million for around 1.5% of Kraken’s fully diluted equity. (CNBC)