Crypto exchange Kraken has filed confidentially for a US initial public offering (IPO), submitting a draft S-1 registration form with the Securities and Exchange Commission (SEC) through its parent company, Payward Inc.
Founded in 2011, Kraken allows users to trade more than 450 digital assets, as well as US futures, stocks, ETFs, and fiat currencies.
The company said it has not yet determined the number of shares it plans to offer or the anticipated price range.
The IPO filing comes after months of anticipation following the SEC’s decision in March to drop a lawsuit against Kraken over its staking services, a case that had spanned the Trump administration.
In the months following the SEC ruling, reports suggested Kraken was preparing to raise hundreds of millions of dollars ahead of a public listing. That plan took shape on Tuesday, when Kraken completed an $800 million fundraising round led by major traditional finance investors, including Citadel, the hedge fund founded by Ken Griffin. The round valued Kraken at $20 billion.
The confidential filing allows Kraken to continue preparations for a Wall Street debut while keeping key details under wraps until a public filing is made.