Kraken, the second largest cryptocurrency exchange in the USA, is preparing for an IPO and is negotiating pre-IPO financing, according to Bloomberg.
Previously, Coinbase went public and this coincided with the last period of the cryptocurrency bull at that time.
The exchange is likely to seek more than $100 million in funding in this round. With cryptocurrencies on the verge of reaching new all-time highs and regulatory pressure on digital assets easing in the US, companies in the sector have begun to attract renewed interest from investors and revive talks to go public.
The fundraising is expected to be completed by the end of the year, possibly in what is called a pre-IPO round, according to the sources, who asked not to be named due to the private nature of the discussions. “We are always exploring strategic paths towards Kraken's Mission of accelerating the global adoption of crypto,” Kraken said in a statement, declining to comment specifically on the fundraising or IPO.
Kraken is reportedly looking for a “significant” company to join its board to help it achieve a successful IPO early next year.
*This is not investment advice.
