Following an impressive $20 billion valuation from its most recent funding round, cryptocurrency exchange Kraken has announced its confidential filing for an initial public offering (IPO) in the United States.
On Tuesday, Kraken disclosed a strategic investment of $200 million from Citadel Securities, marking a significant 33% increase from the $15 billion valuation linked to its $600 million funding round in September. The subsequent day, the company confirmed its intention to go public, though specific terms have yet to be revealed.
Kraken’s move to pursue an IPO aligns it with other notable cryptocurrency exchanges such as Coinbase, Bullish, and Gemini. Notably, both Bullish and Gemini have experienced declines in their share prices since their listings, and they currently hold valuations lower than Kraken’s $20 billion mark.
This announcement comes at a time of considerable volatility within the cryptocurrency market, which has witnessed a staggering loss exceeding $1 trillion in value over the past six weeks. Bitcoin, for instance, has seen its price drop from nearly $125,000 to approximately $90,000.