Kraken IPO: Everything you need to know

One of the most closely watched potential tech listings is Kraken, one of the world’s leading cryptocurrency exchanges.

The popular US-based crypto exchange was initially planning to make its public debut in 2022 with a direct listing, as its former CEO Jesse Powell had confirmed. Unlike an IPO, a direct listing sells only existing shares to investors, and therefore no new shares are created. But after seeing Coinbase’s poor direct listing performance, Powell decided that an Initial Public Offering is a much more attractive proposition.

Kraken company stats

Source: Reuters, CNBC, CoinLaw

Why investors are interested in Kraken

Kraken has been around since 2011, making it one of the oldest crypto exchanges in existence. Users can trade over 600 cryptocurrency pairs, with leverage available on a selection of them. The company operates on a remote-first basis and describes its mission as accelerating crypto adoption to help people worldwide achieve financial freedom and inclusion.

During the surge in crypto prices in February 2021, Kraken witnessed an increase of over 1000% in sign-ups. It then sought a valuation of $10 billion, which more than doubled its worth.  

In November 2022, Kraken laid off 30% of its workforce to stay afloat during the crypto crash, as Bitcoin plunged below $20,000.  

In February 2023, the SEC (Securities and Exchange Commission) asked Kraken to pay $30 million over allegations that its staking service was an illegal sale of securities. According to Bloomberg, SEC’s settlement with Kraken could have a sweeping impact on the crypto exchange industry that could involve big names like Binance and Coinbase Global.  

The IPO: When, where and what to expect

Kraken formally took steps toward going public by confidentially filing its S-1 with the SEC in November 2025. While analysts anticipated a Q1 2026 IPO, reports indicate that Kraken paused its listing plans due to a cooling crypto market.

Kraken was valued at $10 billion in 2021 and successfully reached its $20 billion valuation target in late 2025. But in the current climate of crypto volatility, Kraken’s valuation remains to be seen.

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3 steps to trade Kraken IPO with Axi

An Initial Public Offering (IPO) is an investor’s first chance to gain exposure to an organisation. An IPO is an important milestone for a company looking to raise capital and an opportunity for investors to get involved in a hopefully growing business.

With Axi you can get exposure to Kraken IPO as soon as it’s listed on a specific exchange and prices from the exchange become available to our liquidity providers.

1. Login to your live MT4 trading account (sign up with Axi if you don’t have one)
2. Navigate to market watch, right-click, and select ‘show all’. Search for Kraken.
3. Choose your position and size and go long or short on share prices. Don’t forget to set risk management tools like a stop loss and take profit order. 

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The data is sourced from third-party providers. This information is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any trading strategy. It has been prepared without taking your objectives, financial situation, or needs into account. Any references to past performance and forecasts are not reliable indicators of future results. Axi makes no representation and assumes no liability regarding the accuracy and completeness of the content in this publication. Readers should seek their own advice.