Kraken has filed a confidential draft registration statement with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO).

The filing follows an $800 million funding round that valued the San Francisco-headquartered company at $20 billion. The round included a $200 million strategic investment from Citadel Securities, alongside primary investments from firms such as Jane Street and DRW Venture Capital.

However, the crypto exchange has not yet disclosed the number of shares or price range for the offering, which will proceed once the SEC review is complete and market conditions are favorable.

Since its founding in 2011, Kraken has grown into a major digital asset platform. Clients can reportedly trade more than 450 cryptocurrencies, U.S. futures, U.S.-listed stocks and ETFs, and fiat currencies.

The platform also offers several services, including Kraken Pro, Kraken Institutional, Kraken Onchain, and the Kraken App. Kraken is preparing to enter public markets after a significant capital injection that has valued the cryptocurrency exchange at $20 billion. 

The $800 million funding round included a $200 million strategic investment from Citadel Securities. Other investors in the round were Jane Street and DRW Venture Capital.

Currently, the exchange offers multiple services including Kraken Pro, Kraken Institutional, the Kraken App, Kraken Onchain, and NinjaTrader, a retail futures trading platform acquired in May for $1.5 billion.

The acquisition of NinjaTrader expanded Kraken’s reach into traditional futures markets and diversifies its offerings beyond crypto. Kraken clients can buy, sell, stake, earn rewards, send and receive assets, custody holdings, and access trading and portfolio management tools.

Industry observers note that the IPO follows a trend of successful public offerings by digital asset companies this year, including stablecoin issuer Circle and Gemini, the crypto exchange founded by the Winklevoss twins.

Kraken’s rapid expansion has paid off. The exchange recently reported that tokenized stocks available on its platform—across both its centralized exchange and decentralized venues—had surpassed $5 billion in value, with more than 37,000 unique holders. 

For the third quarter of 2025, Kraken recorded $648 million in revenue, marking a 50 percent increase from the previous quarter and a 114 percent rise compared with the same period a year earlier.