Kraken IPO Still Moving as CEO Confirms Active SEC Confidential Filing

Kraken co-CEO Arjun Sethi said the Kraken IPO is still in play, pushing back on unconfirmed reports that the exchange had paused plans due to market conditions. Speaking at Semafor World Economy 2026, Sethi said Kraken had “confidentially filed” for an IPO with the US SEC in November, and that the confidential filing remains active. The update comes alongside a valuation drop: Deutsche Börse invested $200M into Payward (Kraken’s parent) for a 1.5% fully diluted stake, valuing Kraken at about $13.3B versus roughly $20B in November. Kraken framed the deal as building a unified infrastructure connecting crypto and traditional finance for institutional clients. Sethi also argued Washington policy is not the sole driver, emphasizing long-term strategy and implying timing still depends on market specifics and regulator trust. For crypto traders, the immediate impact is likely more sentiment than a near-term catalyst for spot or derivatives flows—watch risk appetite and BTC volatility around broader regulatory and equity-market moves.