TL;DR
- Kraken Fundraising: Kraken is aiming to raise over $100 million in preparation for a potential IPO in 2025, with the fundraising expected to be completed by the end of this year.
- Strategic Partnerships: The exchange is looking to add a major company to its board to aid in a successful IPO, despite ongoing litigation with the SEC that has previously delayed its listing plans.
- Industry Growth: Robinhood plans to acquire Bitstamp for $200 million, which will help expand its crypto services globally, while Kraken continues to focus on the adoption of cryptocurrencies ahead of its IPO.
Kraken, the renowned cryptocurrency exchange, is reportedly gearing up for a significant fundraising effort as it eyes a potential initial public offering (IPO) in 2025. The exchange is said to be seeking over $100 million in what could be its final funding round before going public.
Sources close to the matter, who prefer to remain anonymous, have indicated that Kraken’s fundraising target exceeds $100 million and aims to be completed by year-end. The move comes as cryptocurrencies are once again nearing all-time highs, and the U.S. regulatory landscape appears to be shifting in favor of digital assets.
Kraken’s statement emphasizes their commitment to accelerating the global adoption of cryptocurrencies, though they refrained from commenting on the specifics of the fundraising or IPO plans.
Kraken’s Strategic Moves for a Successful IPO
Kraken is reportedly seeking a prominent “marquee” company to join its board, aiding in the pursuit of a successful IPO. While discussions have been primarily verbal, focusing on terms and valuations, the exchange’s ambition to go public has been a topic of interest for several years.
Past market downturns and regulatory disputes, particularly with the Securities and Exchange Commission (SEC), have previously delayed Kraken’s public listing plans. Despite settling one case with the SEC, Kraken remains entangled in ongoing litigation with the agency.
Industry Expansion and Acquisitions
In related news, Robinhood has revealed plans to purchase Bitstamp in a $200 million cash transaction. This move will strengthen Robinhood Crypto’s worldwide growth by utilizing Bitstamp’s licenses and registrations to improve its reach in the EU, UK, US, and Asia.
Bitstamp’s CEO, JB Graftieaux, has expressed that the integration into Robinhood’s ecosystem will provide users with an improved trading experience while maintaining a strong focus on compliance, security, and customer service.
As Kraken prepares for its pre-IPO funding round, the crypto industry watches closely, anticipating the exchange’s next moves and the potential ripple effects on the market. With strategic partnerships and a clear mission, Kraken is poised to make significant strides in the lead-up to its anticipated 2025 IPO.
