Kraken, a long-established US cryptocurrency exchange, issued an official announcement on the evening of November 19th, confirming that it has “confidentially submitted” a draft Form S-1 registration statement to the US Securities and Exchange Commission (SEC) in early November 2025, officially initiating its IPO process.
![图片[1]-Kraken, a long-established exchange, has announced its IPO plans! It has confidentially filed its S-1 document with the SEC and could list as early as the beginning of next year.-OzABC](https://www.ozabc.com/wp-content/uploads/326f953daca0fa3613f3e51b5bd36bf4-750x375-1.webp)
beautifulKraken, a long-established cryptocurrency exchange in the United States, issued an official announcement on the evening of November 19 , confirming that it had “confidentially submitted” a draft Form S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) in early November 2025, officially launching its IPO listing process.
Following Gemini’s successful listing on the US stock market in September and Grayscale’s recent filing for listing, this marks another major cryptocurrency platform joining the ranks of the US capital market, indicating that the industry is experiencing a new wave of “listing fever” against the backdrop of a more favorable regulatory environment.
Although Kraken co-CEO Arjun Sethi has repeatedly stated publicly that “there is no rush for an IPO” and emphasized the company’s financial health and revenue exceeding $1 billion in 2024, Kraken ultimately chose to accelerate its listing plans in the face of competitors going public one after another and the market’s high interest in crypto stocks.
What is “Confidential Submission” S-1?
The so-called “confidential filing” is a common pre-IPO procedure in the United States. It allows companies to privately communicate with the SEC to amend documents before the official public announcement, avoiding premature disclosure of financial data and trade secrets. Form S-1 is the core document for a U.S. company’s IPO, covering details such as the company’s operating model, financial statements, major risks, amount of funds raised, and their use.
Kraken has not yet decided on the number of shares to be issued or the price range. It will enter the roadshow and pricing stage after the SEC completes its review and declares the issuance effective. It is expected to be listed as early as the first quarter of 2026.
Who is Kraken? Why is he attracting so much attention?
Founded in 2011, Kraken is one of the world’s oldest and most trusted cryptocurrency exchanges by institutional investors. It currently supports trading in over 450 digital assets and has expanded to include traditional financial products such as US stocks, ETFs, and futures. Kraken was also the world’s first exchange to proactively publish its “Proof of Reserves,” and has long been known for its transparency and security.
Against the backdrop of the current market, the Trump administration’s attitude toward cryptocurrencies has clearly softened, and regulatory pressure has been greatly reduced; Bitcoin and Ethereum have hit record highs this year; competitors such as Gemini, Circle, eToro, and Bullish have successively filed for or completed their IPOs… All these factors have made Kraken’s IPO highly anticipated by global investors, with some even making bold predictions that its valuation may fall in the tens of billions of dollars range.
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