Kraken preparing for $100M funding round ahead of possible IPO: Report

The cryptocurrency exchange said in 2021 — before Coinbase’s IPO — that it planned to pursue a direct listing if it chose to go public.

United States-based cryptocurrency exchange Kraken is reportedly considering a funding round to raise more than $100 million for the firm ahead of a potential initial public offering (IPO).

According to a June 6 Bloomberg report citing people familiar with the matter, Kraken was looking at a funding round expected to raise more than $100 million by 2025. The exchange reportedly said it was “always exploring strategic paths” toward global crypto adoption but did not specifically comment on a potential IPO.

Kraken is facing a civil lawsuit filed by the U.S. Securities and Exchange Commission (SEC) in November 2023. The regulator alleged Kraken operated as an unregistered exchange and “made a business decision to reap hundreds of millions of dollars from investors” in violation of U.S. securities laws.

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