According to Bloomberg News sources on June 6, Kraken plans to raise $100 million in a final funding round by year-end before potentially launching an IPO in 2025. The company is reportedly seeking a prominent firm to join its board to assist in preparing for the IPO. Discussions so far have involved informal talks about terms and valuations, without formal documentation.

Kraken has not officially confirmed these plans but told Bloomberg that it remains focused on investing to accelerate global crypto adoption.

Speculation about a Kraken IPO dates back to at least February 2021, when reports suggested a potential public debut at a $10 billion valuation. Former CEO Jesse Powell confirmed considerations for an IPO in March, indicating 2022 as a potential timeframe, though he cautioned it was not guaranteed. Following Powell's transition to chairman in April 2023, CEO Dave Ripley declined to comment specifically on IPO plans in November 2023 but acknowledged the company's pursuit of both private and public funding.

Kraken's path to an IPO may be complicated by an ongoing lawsuit with the SEC, initiated in November 2023, alleging violations related to operating as an unregistered securities exchange and other regulatory issues. Kraken has chosen to contest the lawsuit rather than settle, and the outcome could affect its future IPO prospects.