Kraken filed confidential paperwork with the Securities and Exchange Commission for an initial public offering (IPO), the company said on Tuesday. The filing covers a proposed sale of common stock. Kraken did not disclose the number of shares or the pricing range. The company said the offering will begin after the SEC completes its review, subject to market conditions.
The crypto crypto exchange reported adjusted EBITDA reached $178.6 million in the third quarter, up 124% from the prior quarter. The company reported a 9-point margin increase to 27.6%. Kraken said platform transaction volume rose 26% quarter-over-quarter to $576.8 billion. Assets on the platform reached $59.3 billion, up 34% over the same period. The company reported 5.2 million funded accounts at quarter-end. Kraken said futures daily average revenue trades rose 42% quarter-over-quarter to 741,000 following its earlier acquisition of NinjaTrader.
To date, Kraken has raised more than $800 million to date including $200 million in strategic capital from Citadel Securities at a $20 billion valuation announced earlier this week. Kraken previously closed a $500 million Series C round in September 2025 at a $15 billion valuation. Investors in that round included Tribe Capital, Apollo and Oppenheimer. According to earlier statements, Kraken prepared for a potential 2026 listing.
Kraken’s IPO is a part of a broader set of crypto companies pursuing public listings. Circle raised more than $1.1 billion before going public. Its stock closed its first trading day at $82.84, a 167% increase from its IPO price. Grayscale is preparing what it called the largest crypto IPO of 2025. As of September 30, 2025, the firm reported $35 billion in assets under management across more than 40 digital asset products.
The firm’s IPO process comes as investment banks continue to generate significant fees from capital raising in the crypto sector.
Kraken’s pending IPO adds another large crypto name to the pipeline as companies seek access to public markets. The company said it will provide further details after the SEC completes its review.
