Kraken, a U.S.-based cryptocurrency exchange run by Payward, Inc., has quietly submitted a draft registration statement to the U.S. Securities and Exchange Commission.
This filing is for a proposed initial public offering of the company’s common stock. However, the number of shares and price range are not yet decided. The IPO will happen after the SEC reviews the draft and market conditions are favorable.
In a statement, Kraken said, “The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions.” Additionally, the company added that this announcement does not mean it is offering to sell its shares yet. Any sale or purchase will follow U.S. rules under the Securities Act of 1933.
Kraken confirmed that it will file a public S-1 later. That filing will include more details about the number of shares, the price, the ticker symbol, and the exchange it will list on. Therefore, the confidential draft is the first step in the process and allows the SEC to give feedback before the public filing.
This move follows other crypto companies trying to go public in the U.S. For example, Grayscale and BitGo also submitted S-1 filings recently. Earlier this year, Circle, Bullish, and Gemini held U.S. IPOs. As a result, all of them were oversubscribed, showing strong demand for crypto exposure.
Kraken has grown into one of the largest and oldest cryptocurrency exchanges in the U.S. It allows users to trade Bitcoin, Ethereum, and many other coins.
Furthermore, the company has said it is preparing for more institutional investors and broader adoption of cryptocurrencies.
The IPO process in the U.S. has become clearer as regulators provide more guidance. Filing a draft registration statement allows companies like Kraken to plan a public listing safely. Therefore, investors and users now watch closely as the company moves toward its public debut.
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