Kraken Files for IPO, Valued at $20 Billion

Cryptocurrency exchange Kraken has filed confidentially with the SEC for an initial public offering (IPO), signaling a major institutional step in 2025. The filing, submitted on November 19 under a confidential Form S-1 by parent company Payward Inc., suggests the company is ready to list its shares after securing $800 million at a $20 billion valuation. This surge represents a significant increase compared to its previous funding round earlier in 2025, fueled by key investor participation from Citadel Securities.