Crypto exchange Kraken is reportedly preparing for its long-awaited initial public offering (IPO) in 2026, according to Bloomberg. With the Trump administration’s crypto-friendly stance, the possibility of a public listing has resurfaced, marking a major milestone for one of the industry’s most established players.
From Legal Battles to New Opportunities
Under the Biden administration, Kraken faced significant regulatory pressure from the U.S. Securities and Exchange Commission (SEC). The exchange was forced to shut down its staking service and settle with regulators over compliance concerns.
However, just a week ago, the SEC dropped all remaining charges against Kraken, bringing an end to a turbulent legal chapter. This marks a major shift in regulatory sentiment, allowing the company to move forward with renewed confidence.
Additionally, a crypto-focused summit was held at the White House last Friday, signaling that the U.S. government is actively working toward a clearer regulatory framework for crypto exchanges. This shift in policy gives Kraken and other industry leaders the clarity they need to expand their operations.
Why Is an IPO Possible Now?
Kraken previously explored an IPO in 2022, but the collapse of FTX and the subsequent crypto winter derailed those plans. The SEC’s aggressive “regulation by enforcement” approach further complicated matters, forcing Kraken to discontinue its staking service and reach a settlement with regulators.
Now, with new leadership at the SEC, Kraken has relaunched its staking service, a clear signal that the company expects a more predictable regulatory environment.
Additionally, Kraken is strategically positioning itself for its public debut by enhancing transparency around its financials. The company recently reported its 2024 performance, highlighting impressive growth:
Revenue: $1.5 billion (+128% YoY)
Adjusted EBITDA: $380 million
Total Customers: 2.5 million
Assets Under Management (AUM): $42.8 billion
These strong financials, combined with improving regulatory conditions, make an IPO increasingly viable.
Kraken’s Global Expansion Strategy
Beyond the U.S., Kraken has been aggressively expanding its global presence.
In the Netherlands, Kraken acquired BCM (formerly Bitcoin Meester) in 2023, strengthening its foothold in the European market.
On a broader European level, Kraken recently secured a MiFID license, allowing it to offer cryptocurrency derivatives trading across the EU.
The next step? Obtaining a MiCAR license. Once secured, this will allow Kraken to operate seamlessly across all EU member states under a single regulatory framework, positioning it as a dominant player in the region.
A Major Crypto IPO on the Horizon?
With a potential continuation of the crypto bull market in 2025, a more favorable U.S. regulatory landscape, and strong financial performance, Kraken appears better positioned than ever for a public listing.
If market conditions remain positive, Kraken’s IPO could become one of the largest crypto public offerings in years, offering investors a rare opportunity to gain exposure to a leading exchange with global reach and strong fundamentals.
