Kraken Won’t Rush Into a Public Listing Despite IPO Momentum Across Crypto Sector

Crypto exchange Kraken is taking a measured approach toward a potential U.S. public listing, even as improving market conditions and a friendlier regulatory climate have encouraged several digital asset firms to pursue initial public offerings this year. 

Speaking to Yahoo Finance on Thursday, Kraken co-CEO Arjun Sethi made clear that the company sees no urgency in joining the IPO wave. “We’re financially sound,” he said. “We know how to have our own risk management on how we run our company. We have enough capital on our balance sheet today as a private company. We don’t race to the door as quickly as possible.”

Reports dating back to mid-2024 have indicated that Kraken was preparing for a public debut, with Bloomberg reporting earlier this year that the exchange could target the first quarter of 2026 for its IPO. But Sethi’s comments suggest the company is in no hurry to commit to a specific timeline.

No FOMO as Competitors Head to Wall Street

Sethi emphasized that Kraken does not feel pressured to follow competitors simply because the market has become more welcoming. “We don’t have the fear of missing out because everyone else is doing it,” he said. 

New listings this year have included crypto asset manager Grayscale, which filed to go public on Thursday, joining a long list of firms seeking to replicate Circle’s successful debut in June. Circle’s IPO saw its stock jump more than 160% to over $83 on opening day and briefly rally above $260 before settling back near $82.

Several other industry players, including Gemini, Bullish, eToro, and blockchain firm Figure, have also gone public in 2025, while custody provider BitGo filed for an IPO in September. Sethi noted that these early entrants help educate the market on business models, margins, and revenue structures—ultimately benefiting companies like Kraken when they choose to list.

Kraken, founded in 2011, has raised roughly $530 million over its lifetime, according to Crunchbase data. Most of that came from a $500 million funding round last September that valued the firm at $15 billion.

Bitcoin Volatility Doesn’t Worry Kraken’s Leadership

Bitcoin’s recent 22% pullback, from its peak above $126,000 in October to near $97,000, has weighed on trading volumes across major exchanges. But Sethi dismissed concerns about short-term volatility. Declines of this kind, he said, are typical across asset classes. What matters more, in his view, is the underlying rationale for holding assets like Bitcoin or Ethereum. 

“You always have these curves that have continued to change,” he said. “What’s much more important is the thesis behind why you’d want to buy Bitcoin or Ethereum versus holding a dollar or any other shares.”

Sethi’s comments underscore Kraken’s long-term approach, one that prioritizes stability and strategy over speed.