As an experienced financial analyst with a background in cryptocurrencies and IPOs, I find Kraken’s decision to pursue an IPO next year intriguing. The exchange has been attempting to go public since 2021, but unfavorable market conditions and regulatory challenges have hindered its progress.
As a researcher, I’ve uncovered exclusive information from Kraken insiders who have confided in Bloomberg. According to these sources, Kraken intends to make its public debut next year via an Initial Public Offering (IPO). The exchange is aiming to secure $100 million from investors through pre-IPO funding rounds. Additionally, Kraken is actively seeking a well-respected company to join its board and aid in the successful execution of its IPO.
Kraken had intended to hold an Initial Public Offering (IPO) in previous years, but the event failed to materialize due to unfavorable market circumstances and regulatory challenges. This has been the case since 2021. In 2021, Kraken hinted at the possibility of going public, with Jesse Powell, the company’s Co-Founder and then CEO, suggesting it could take place in 2022. However, he relinquished his role, and the IPO did not transpire as planned.
In late 2023, there were renewed whispers of Kraken’s IPO. However, unfavorable market circumstances hindered its realization. Simultaneously, the Securities and Exchange Commission (SEC) filed a lawsuit against Kraken for selling unapproved securities. This legal battle remains ongoing, and its resolution could bring significant changes as Kraken needs to register with the SEC before it can proceed with a public offering.
Previously, Kraken encountered regulatory hurdles with the SEC, leading to a settlement for approximately $30 million in early 2023. Contrary to speculation, Kraken asserts its innocence and denies having reached a settlement. Despite this ongoing legal battle, market conditions are opportune for an Initial Public Offering (IPO). With soaring asset valuations and surging user interest in the crypto sector, Kraken’s projected revenues of $1-2 billion for 2023 make it an excellent candidate for going public.
Additionally, US legislators and regulatory bodies, such as the SEC, have shown increased support for crypto assets. This is evident in the recent introduction of BTC ETFs and the anticipated approval of further assets. Therefore, if Kraken aims to become a public company, the current climate presents an optimal opportunity.
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2024-06-07 22:02