Kraken files for an IPO
Fresh off of an $800 million capital raise done at a $20 billion valuation, Payward, Inc. – which operates the crypto trading platform Kraken – has announced that it has confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) relating to the proposed initial public offering (or IPO) of its common stock.
Offering details
As the filing was done confidentially, Kraken did not disclose any financial specifics related to the planned offering – size of offering, proposed valuation, etc. That will presumably come later on down the road, once the filing is publicly released before the roadshow preceding the actual offering.
The company also did not mention which underwriters will be leading the offering, or on which US exchange it will list its shares.
The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions.
About Kraken
Founded in 2011, Kraken is one of the world’s longest-standing and most secure crypto platforms globally. Kraken clients trade more than 450 digital assets, traditional assets such as U.S. futures and U.S.-listed stocks and ETFs, and fiat currencies. Kraken is one of the fastest, most liquid and performant trading platforms available.
Kraken’s suite of products and services includes the Kraken App, Kraken Pro, the Krak App, Kraken Institutional, Kraken Onchain and the NinjaTrader retail trading platform. Across these offerings, clients can buy, sell, stake, earn rewards, send and receive assets, custody holdings, and access advanced trading, derivatives, and portfolio management tools.
Kraken has set the industry standard for transparency and client trust, and it was the first crypto platform to conduct Proof of Reserves. It complies with regulations and laws applicable to its business, while actively protecting client privacy and maintaining the highest security standards.
