One of the largest crypto exchanges in the world is planning an IPO. Its valuation has reached $20 billion

Kraken, one of the world's largest cryptocurrency exchanges, said Wednesday, Nov. 19, that it has confidentially filed with the U.S. Securities and Exchange Commission for an initial public offering. The size of the proposed stake and price range have not yet been determined, the crypto platform said.

The announcement came a day after Kraken said its valuation in its latest round of capital raising reached $20 billion - a 33% increase in less than two months.

The crypto exchange was founded in 2011, its clients have access to transactions with more than 450 digital assets, fiat currencies and traditional instruments, writes Reuters.

The agency notes that companies associated with cryptocurrencies are seeking to enter the U.S. exchanges before the country will hold midterm elections to Congress in 2026. In 2025, IPOs have already held such players as the issuer of steiblcoin USDC Circle and Gemini exchange. Circle's securities are now trading almost 1% below their June offering price, having lost 46% of their value over the past month. Quotes Gemini after the listing in September fell by almost 70%.

Cryptocurrency-focused asset manager Grayscale and BitGo, a startup that specializes in storing digital assets, are also planning IPOs, Reuters reports.

This article was AI-translated and verified by a human editor