Kraken Prepares for $100M Funding Ahead of IPO: Report
US-based cryptocurrency exchange Kraken is reportedly looking to raise more than $100 million in funding for the company.
On June 6, Bloomberg reported citing people familiar with the matter that Kraken was eyeing a funding round expected to raise more than $100 million by 2025. The exchange is reportedly “always exploring strategic paths” leading to global crypto adoption. Comment specifically on the IPO.
Kraken is facing a civil lawsuit filed by the US Securities and Exchange Commission (SEC) in November 2023. The regulator said Kraken operated as an unregistered exchange and “made a business decision to collect hundreds of millions of dollars from investors” in violation of the US. Safety rules.
Related: Kraken counters SEC's interpretation of law in motion to dismiss
In the year In 2021, Coinbase became the first crypto exchange to go public in the US by listing its shares on the Nasdaq. Before Coinbase's IPO, Kraken said that if it were to pursue a public offering, it would do so through a direct listing, not a special-purpose buyout company.
Even facing an investigation from the SEC, stock trading app Robinhood has announced plans to acquire crypto exchange Bitstamp for $200 million. If regulators approve the deal, it could be completed in the first half of 2025.
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