Crypto exchange Kraken gears up for IPO as soon as the first quarter of 2026

The cryptocurrency exchange Kraken, legally known as Payward Inc, is considering an initial public offering (IPO) as soon as the first quarter of 2026, though the company could still change course. Bloomberg was first to report the news citing people familiar with the matter. 

"We recently disclosed 2024 financial highlights to be more transparent about our business, which is something we started by being first to publish proof of reserves and we're going to continue to prioritize going forward," a Kraken spokesperson told The Block. "We'll pursue public markets as it makes sense for our clients, our partners and shareholders."

Kraken, which recorded over $1.5 billion in revenue in 2024, has mulled plans to go public as far back as 2021. It also explored raising over $100 million in a pre-IPO funding round in mid-2024. 

The exchange now joins Gemini , eToro and other crypto firms in considering a public listing under a more favorable Securities and Exchange Commission ( SEC ), which would have to approve any potential plans for going public. The agency's attitude toward and enforcement of crypto has shifted under the auspices of the pro-crypto Trump administration.

Kraken's 2026 plans for an IPO comes after the SEC dropped its case against the firm for alleged securities law violations on Mar. 3.