US-Based Crypto Exchange Kraken Is Planning to Go Public in 2022
San Francisco-headquartered Kraken cryptocurrency exchange is looking to follow Coinbase’s footsteps to become the next Unites States-based publicly traded crypto exchange.
The company’s CEO Jesse Powell has insinuated that the crypto exchange could go public before the end of 2022.
Powell made a statement during an interview with Bloomberg TV, saying that public listing would be a natural progression for the company in its mission to “bring crypto to the world.”
Kraken is currently doing “prep work” toward going public in the next 12 to 18 months, Powell said. The exchange CEO did not yet give a target valuation for the upcoming float.
Kraken was earlier planning to pursue a direct listing path toward becoming a public company in June 2021, given the lackluster performance of Coinbase’s launch back in mid-April, but the timeline has now been pushed forward.
In March, a Kraken spokesperson said that the company was “too big” to go public through a merger with a special-purpose acquisition company (SPAC).
With the SPAC and direct listing route probably off the table, the CEO’s latest announcement could possibly mean that Kraken is getting ready to pursue an initial public offering (IPO).
Kraken recently raised funding from RIT Capital Partners, a $5.3 billion investment trust. The fourth-largest exchange by trading volume, according to CoinMarketCap data, is also reportedly set to raise additional capital to put its valuation above the $10 billion mark.
With over 6 million customers and an operating presence in about 190 countries, the 11-year-old exchange is also looking to expand its reach; India being named as a possible destination. Kraken is among one of three major exchanges looking to service India’s estimated 15 million cryptocurrency investors even amid the current regulatory uncertainty in the country.
