Kraken plans to go public in 2022
Jesse Powell, CEO of crypto exchange Kraken, said in an interview today that his company is considering going public through a direct listing at an unspecified date next year, similar to leading crypto exchange Coinbase.
Kraken, one of the world’s largest cryptocurrency exchanges, has tentative plans to go public next year, according to CEO Jesse Powell.
Coinbase plans to stage its public offering on April 14, providing Wall Street with a more conventional way to gain exposure to the crypto boom. Unlike a traditional initial public offering, the company will go public through a direct listing. That means the current owners of Coinbase shares will convert their holdings to make them available for listing — a move that avoids a lengthy, costly underwriting process.
Like Kraken, Coinbase is coming off a record-breaking first quarter, with revenues hitting $1.8 billion following a 276% surge in trading volume.
Although Kraken is unlikely to achieve the same $100 billion valuation that many analysts are predicting for Coinbase, a public listing would likely still be massive.
According to data from CoinMarketCap, Kraken serves about 6 million clients and is the fourth-largest exchange by trading volume.