Kraken co-CEO Arjun Sethi revealed Tuesday that the crypto exchange has resubmitted a confidential draft Form S-1 to the U.S. Securities and Exchange Commission, reviving its IPO plans after a prior pause. Speaking at the Semafor World Economy conference in Washington, D.C., Sethi said the filing remains active as the company evaluates market timing. The announcement coincided with Deutsche Börse Group's $200 million investment for a 1.5% fully diluted stake, valuing Kraken at approximately $13.3 billion.
IPO Path: From Halt to Resubmission
Kraken originally filed a confidential S-1 in November 2025 without setting a timeline. It later paused the process as crypto prices plunged — Bitcoin fell about 40% from its October peak. Now, with improved conditions, Sethi said the company is reassessing the listing window. Kraken has also expanded access to advanced trading tools for retail users.
Valuation has shifted notably. Bloomberg earlier reported Kraken reached a $20 billion valuation in late 2025. The new implied valuation from the Deutsche Börse deal sits 33% lower at $13.3 billion, reflecting market recalibration.
Deutsche Börse Linkup: Bridging TradFi and Digital Assets
Deutsche Börse Group confirmed the $200 million investment, securing a 1.5% fully diluted stake. This partnership could deepen integration with Deutsche Börse platforms including 360T and 360X, which handle foreign exchange trading and tokenized securities. The goal is to connect traditional and digital asset markets.
Kraken's product expansion includes tokenized stocks, which surpassed $5 billion in cumulative volume across venues and attracted over 37,000 users. In 2025, total revenue rose 33% to more than $2.2 billion, driven by trading and asset-based services. Trading volume reached $2 trillion, and platform assets grew to $48.2 billion.
Market conditions improved recently, with Bitcoin climbing to around $76,000 and gaining roughly 9% in April. Still, Kraken has not provided a specific IPO timeline. Sethi stressed that the company will proceed cautiously based on market developments.