Kraken co-CEO Arjun Sethi confirmed Tuesday that the crypto exchange has confidentially filed for an initial public offering, speaking at Semafor's World Economy conference in Washington, D.C.
The news comes alongside a $200 million investment from Deutsche Börse, Germany's largest stock exchange operator, in Kraken’s parent company, Payward, for a roughly 1.5% fully diluted stake. The deal implies a valuation of approximately $13.3 billion, a 33% haircut from the $20 billion Kraken commanded during its $800 million fundraise in November 2025.
Kraken originally filed its draft S-1 with the U.S. Securities and Exchange Commission in November 2025, one day after closing that funding round, which drew backing from Citadel Securities, Jane Street, and DRW Venture Capital. The exchange has not disclosed the size or pricing of its planned offering, saying it will finalize terms once regulators complete their review and market conditions settle.
To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
