Kraken has no immediate plans to pursue an initial public offering (IPO) in the United States, despite the more favorable political and market environment, according to the company’s co-CEO, Arjun Sethi. He emphasized that the exchange does not currently need additional capital and remains financially strong enough to operate independently. Sethi added that Kraken is fully capable of managing risks without turning to public markets. With a solid balance sheet and conservative approach, leadership sees no urgent reason to list shares or shift the company’s long-standing strategy. Why Kraken Stays Private While Competitors Go Public Interest in crypto-related IPOs has grown as overall market sentiment improves and the Trump administration signals a more accommodating stance toward the sector. Gemini, Bullish, eToro, and several infrastructure firms have already entered public markets, fueling speculation that more exchanges may follow. But Kraken stresses it is under no competitive pressure. Sethi said the company is not trying to mirror the high-profile debuts of other players and is not concerned about “missing the boat.” He noted that public listings offer useful benchmarks on margins and profitability models but do not alter Kraken’s priorities or long-term vision. A $15 Billion Valuation Gives Kraken Room to Move Founded in 2011, Kraken has raised roughly $530 million to date. A major venture round in September 2024 valued the company at $15 billion, strengthening its position without requiring access to public markets. Sethi also addressed Bitcoin’s recent volatility after the price fell below $96,000. He emphasized that temporary corrections are normal across all asset classes and that the fundamental investment case for Bitcoin remains the same—why investors choose crypto over cash or stocks. Kraken, he said, does not view short-term price swings as a threat to its business and continues to follow a long-term development strategy.
