Crypto exchange Kraken could go public next year via a direct listing

Kraken could go public next year via a direct listing, a spokesperson of the cryptocurrency exchange told The Block.

Direct listing means Kraken won't choose the traditional IPO or the special purpose acquisition company (SPAC) routes. The spokesperson said Kraken is "too big" for the SPAC route.

Fox Business reporter Charles Gasparino tweeted Tuesday that Kraken could go public in 2022 either via a SPAC or an IPO.

Kraken's plans of going public were first revealed earlier this year when its CEO Jesse Powell said he'd make the exchange go public at a valuation of above $10 billion. Kraken is reportedly in talks to raise funds in a move that could see its valuation reach that level.

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The Kraken spokesperson further told The Block that the exchange at this point is "fully focused on scaling our business, filling key roles and making sure we're giving clients the best experience in a time of unprecedented growth."

Kraken rival Coinbase is set to go public on Nasdaq via a direct listing in the coming weeks. Crypto-friendly brokerage eToro also announced this week that it would go public via a SPAC merger.

Crypto exchange Gemini is also considering a public listing. Intercontinental Exchange-owned crypto firm Bakkt has also previously announced its plans to make a stock market debut via a SPAC merger.


Update: This story has been updated to reflect that Kraken may consider going public next year but that a final decision has not been made.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.