In A Nutshell:
Kraken is considering a new funding round, potentially raising over $100 million in preparation for a future initial public offering (IPO), amidst strong investor interest in the crypto market. The exchange aims to accelerate global crypto adoption and plans to bring a high-profile company onto its board as it moves towards launching its IPO as early as next year.Kraken, the cryptocurrency exchange, is contemplating another funding round as it potentially gears up for an initial public offering (IPO), Bloomberg reported on Thursday, citing sources familiar with the matter. The exchange could raise over $100 million in this pre-IPO round, fueled by renewed investor interest in the crypto market amid a rally in token prices, according to these sources.
If Kraken decides to proceed with the fundraising, the round could be finalized by the end of the year, one insider told Bloomberg. "We are always exploring strategic paths toward Kraken’s mission: accelerating the global adoption of crypto," Kraken stated on Thursday. "We remain fully focused on investing in this goal."
Kraken is planning to launch its IPO as early as next year, the sources indicated. To support these plans, the exchange reportedly aims to add a "marquee" company to its board, signaling its commitment to enhancing its market presence and governance.
This spike in investor interest in Kraken is part of a broader trend of growing enthusiasm for the crypto industry. Data from The Block reveals that more than $5.6 billion has been invested in crypto companies since the beginning of the year, highlighting a significant influx of capital into the sector.
Kraken's strategic move to raise additional funds underscores the increasing confidence in the potential of cryptocurrency markets. The exchange's focus on accelerating global crypto adoption reflects its ambition to solidify its position as a leading player in the industry. As Kraken continues to expand its capabilities and market reach, its potential IPO is poised to attract substantial attention from both traditional and crypto-focused investors.
