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Kraken Plans $100M Funding Round as It Potentially Considers IPO
Last Updated: June 07, 2024
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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, 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.
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