Kraken Confidentially Files for a US IPO With the SEC
Payward, Kraken's parent company, confidentially submitted a draft Form S-1 to the SEC on November 19, 2025 for a proposed IPO of its common stock.
Payward, Inc., the company that operates Kraken, announced on November 19, 2025 that it had confidentially submitted a draft registration statement on Form S-1 to the US Securities and Exchange Commission. The filing relates to a proposed initial public offering of its common stock.
What was and was not announced
Kraken did not say how many shares it plans to sell or at what price range. Both were still to be decided. The IPO is expected to happen after the SEC finishes its review, and it depends on market and other conditions.
A confidential submission lets a company go through the SEC's review privately before publishing its registration statement. The announcement was made under Rule 135 of the Securities Act, which limits what a company can say about a planned offering, and Kraken stated that it was not an offer to sell securities.
Background
The filing came one day after Kraken announced an $800 million funding round that valued it at $20 billion. In the same release, Kraken described its business as covering more than 450 digital assets, US futures, US-listed stocks and ETFs, and fiat currencies. Its products include the Kraken App, Kraken Pro, the Krak App, Kraken Institutional, Kraken Onchain and NinjaTrader.
Kraken also noted that it was the first crypto platform to publish a Proof of Reserves.
Source: Official exchange announcement
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