Kraken, one of the world’s leading cryptocurrency exchanges, is setting its sights on an initial public offering (IPO) in 2026. The move follows a major legal victory for the company, as the U.S. Securities and Exchange Commission (SEC) has agreed to drop its lawsuit against the exchange. This development comes amid shifting regulatory winds under the Trump administration, which has taken a more crypto-friendly stance.
🔥 LATEST: Crypto exchange Kraken reported $1.5 billion in revenue for 2024, more than doubling from the previous year’s $671 million.
— Cointelegraph (@Cointelegraph) January 31, 2025
The company, eyeing a potential IPO, ended the year with 2.6 million funded accounts and $42.8 billion in assets held on its platform. pic.twitter.com/6AImrt4o1R
A Path Cleared for Public Markets
Founded in 2011, Kraken has long considered going public but faced roadblocks due to the previous regulatory climate. Under the Biden administration, the SEC pursued enforcement actions against crypto firms, including Kraken. In November 2023, the agency accused Kraken of operating as an unregistered securities exchange and commingling customer funds with company assets.
However, in a significant policy shift, the SEC recently agreed to drop its case against Kraken without penalties or admissions of wrongdoing. This has removed a major hurdle for the San Francisco-based exchange, allowing it to reconsider its long-term ambitions.
With the crypto market experiencing a strong resurgence, Kraken’s business has flourished. In 2024, the company reported revenue of $1.5 billion, with adjusted earnings of $380 million. While still trailing behind Coinbase’s $6.6 billion in revenue, Kraken remains one of the largest crypto exchanges globally, ranking tenth in trading volume according to CoinMarketCap.
The company has also been expanding its global footprint, introducing new services and increasing its presence in additional markets. As the IPO market for crypto firms reopens, Kraken is not alone in eyeing a public listing—stablecoin issuer Circle, digital asset custodian BitGo, and exchanges like Gemini and Bullish are also considering similar moves.
Regulatory Shifts Under Trump Administration
A key factor in Kraken’s revived IPO plans is the changing regulatory environment. Under President Donald Trump, the SEC has taken a more lenient approach toward cryptocurrency, with new leadership aiming to move away from “regulation by enforcement.” Trump himself has engaged with industry leaders, including Kraken’s Co-CEO Arjun Sethi, signaling a more cooperative stance on crypto innovation.
Kraken’s IPO ambitions, while still in the early stages, reflect growing optimism in the crypto industry. If successful, Kraken would follow in the footsteps of Coinbase, which went public in 2021, and solidify its place in the mainstream financial market.
Will the exchange navigate the complexities of going public, or will new challenges arise before the listing becomes a reality? One thing is certain—the crypto industry is entering a new phase of growth and legitimacy.
Kataryna Habeliia
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