Kraken plans to list shares on a U.S. stock exchange as early as the first quarter of 2026, according to reports from CoinGecko and the company. The exchange is finalizing a $500 million pre-IPO funding round this month at a $15 billion valuation, marking a substantial increase from its 2022 assessment.
What Happened: Exchange Targets Early 2026
The San Francisco-based cryptocurrency exchange is pursuing public markets after the Securities and Exchange Commission dropped its lawsuit against the platform.
Kraken's move follows similar listings by Circle, which went public on the New York Stock Exchange in June 2025, and exchanges Gemini and Bullish.
Crypto companies completed approximately $8.6 billion in merger and acquisition deals in 2025. Kraken's acquisition of futures platform NinjaTrader for $1.5 billion represented a significant portion of that activity.
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Why It Matters: Infrastructure Investment
The timing reflects broader institutional positioning in cryptocurrency markets. Public listings require audited financial statements and regulatory compliance, providing traditional investors with standardized disclosure frameworks.
A bipartisan U.S. proposal seeks to transfer oversight of many crypto exchanges to the Commodity Futures Trading Commission.
However, crypto-linked equities maintain high correlation with token prices. Coinbase's 2021 initial public offering preceded a prolonged decline as market conditions deteriorated. Exchange revenues depend directly on trading volumes, which fluctuate with market cycles.
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