Just a day after Kraken, one of the world’s largest cryptocurrency exchanges, announced that it had been valued at $20 billion after raising $800 million in fresh funding, the company announced it had confidentially filed for a US initial public offering (IPO), aiming to go public by the first quarter of 2026.
The latest financing round was led by several institutional investors, including $200 contributed by Citadel Securities.
Kraken’s success story is just one of the latest in a series of major investments in the crypto industry, following strong debuts for other exchanges like Gemini and Bullish and stablecoin issuers like Circle. The improved politically and regulatorily favorable climate in the US is undoubtedly what’s driving the push, which follows the enactment of the crypto-friendly GENIUS Act earlier in 2025. As such, crypto firms like Kraken are more motivated than ever to tap into public markets without fearing regulatory backlash.
A few years ago, particularly during the regulatory crackdowns of 2022 and 2023, public listings were virtually unthinkable for crypto companies. However, in light of the Trump administration’s steadfast support for the industry, even Wall Street stalwarts, seeing a longer-term opportunity, are investing heavily in crypto. For Kraken, the timing is strategic; with the US mid-term elections coming up in late 2026, there’s a clear intention to go public before any potential political power shift that might change the regulatory landscape.
2025 was the year of crypto’s undisputable entry into mainstream markets, and though controversies abound still, there’s no denying that crypto is here to stay as both seasoned investors and traditional financial institutions capitalize on the opportunity. That’s obviously good news for those in the crypto space, but other fintechs and financial services institutions need to be ready too, by eyeing up any new partnership opportunities for incorporating crypto, decentralized finance (DeFi) and blockchain into their offerings. Furthermore, as large crypto firms like Kraken and Coinbase themselves diversify into areas like payments and banking, the lines between traditional finance and crypto will continue to blur.
Yet despite being a breakout year for crypto, with regulatory clarity reducing the barriers to entry—at least in the US—risk management remains as vital as ever. After all, 40 percent of American consumers still aren’t confident in the technology, citing concerns around volatility, security, and regulation. The fact that mainstream finance is also now catching up will likely help to waylay those concerns, but it's not quite there yet.