Kraken has filed for a US IPO, with the company valued at around $13.3 billion.

Kraken Files Confidentially for IPO, Valuation Drops to $13.3B

Kraken co-CEO Arjun Sethi confirmed that the crypto exchange has filed a confidential IPO application with the US Securities and Exchange Commission.

Current data pegs Kraken's valuation at roughly $13.3 billion, down from about $20 billion in November 2025. The company had previously put its listing plans on hold due to market conditions. Separately, Deutsche Börse has committed to investing about $200 million for roughly 1.5% of the company on a fully diluted basis.