US-based cryptocurrency exchange Kraken is reportedly considering a funding round aimed at raising over $100 million for the company ahead of a possible initial public offering (IPO).
According to a June 6 Bloomberg report citing people familiar with the matter, Kraken was considering a funding round that is expected to raise more than $100 million by 2025. The exchange reportedly said it was “still exploring strategic avenues” toward global adoption of cryptocurrency, but he did not comment specifically on the possible IPO.
Kraken faces a civil lawsuit filed by the U.S. Securities and Exchange Commission (SEC) in November 2023. The regulator alleged that Kraken operated as an unregistered exchange and “made a business decision to profit from hundreds of millions dollars to investors” in violation of US laws. rules. Securities laws.
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In 2021, Coinbase became the first cryptocurrency exchange to go public in the United States, listing its shares on Nasdaq. Prior to the Coinbase IPO, Kraken said that if it sought to go public, it would do so through a direct listing and not through a special purpose acquisition company.
Even in the face of scrutiny from the Securities and Exchange Commission, stock trading app Robinhood announced plans to acquire cryptocurrency exchange Bitstamp in a $200 million deal . If regulators approve the deal, it could be finalized in the first half of 2025.
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