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Kraken Plans $100M Funding Round as It Potentially Considers IPO

Key Takeaways

  • Kraken is planning a funding round to raise over $100 million, potentially setting the stage for an IPO;
  • The crypto exchange has not provided specific details about the IPO;
  • The SEC has filed a lawsuit against Kraken for operating without proper registration, which Kraken sought to dismiss.
Kraken Plans $100M Funding Round as It Potentially Considers IPO

Kraken, a crypto exchange based in the United States, is reportedly planning to raise over $100 million in preparation for a potential initial public offering (IPO), according to a June 6 Bloomberg report citing anonymous sources.

The target date for this funding round is expected to be 2025.

Although Kraken has expressed interest in exploring strategic options to promote global crypto adoption, it has not provided specific details about the potential IPO.

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Kraken's plans emerged during legal challenges, including a civil lawsuit filed by the US Securities and Exchange Commission (SEC) in November 2023. The SEC accused Kraken of operating without proper registration and violating US securities laws.

A Kraken spokesperson refuted these allegations, stating:

We disagree with the SEC's complaint against Kraken, stand firm in our view that we do not list securities and plan to vigorously defend our position.

In February this year, Kraken sought to dismiss the lawsuit, arguing that the SEC was overreaching its regulatory authority.

Despite these regulatory issues, Kraken's potential IPO and funding efforts showcase the crypto exchange's commitment to expanding its footprint in the crypto market.

Circle Internet Financial, the issuer of USD Coin (USDC), plans to relocate its legal headquarters from Ireland to the US, which is also seen as a potential strategy to prepare for an IPO.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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