Payward, the company behind Kraken, a well-known US-based crypto, has confidentially submitted a draft registration for an initial public offering (IPO) with the US Securities and Exchange Commission, according to a Wednesday statement. The specifics, including the number of shares and price range, have not been determined. The IPO is anticipated following the SEC’s review, contingent on market conditions.
The move comes after Kraken CEO Arjun Sethi said earlier this month that the company was in no hurry to go public, noting that Kraken has sufficient private capital and won’t pursue an IPO just to follow industry trends. Still, certainÂ
The investment is expected to strengthen Kraken’s liquidity and risk-management capabilities as it expands its global presence. Kraken reported major revenue growth in the third quarter, doubling its earnings from the prior year. The crypto exchange credited this performance to its expansion into US derivatives trading following the acquisition of The Small Exchange and the introduction of new perpetual futures contracts.
