Kraken Files for Confidential IPO as Crypto Companies Rush to List Before 2026 Midterm Elections
(Reuters) – Kraken, one of the world’s largest cryptocurrency exchanges, announced on Wednesday that it has confidentially filed for an initial public offering in the U.S. This move comes as digital asset companies are eager to tap into the new listings market before the upcoming 2026 midterm elections.
Kraken is set to join the ranks of other crypto exchanges listing in the U.S., adding to the competition in a sector that has seen a positive shift in sentiment, especially with support from the Trump administration.
Recent successes in going public in the U.S. by companies like stablecoin issuer Circle and crypto exchanges Gemini and Bullish have paved the way for Kraken’s move.
President Donald Trump, who has expressed his intention to make America the “crypto capital of the world,” signed the Genius Act earlier this year. This legislation, aimed at regulating stablecoins, has boosted confidence in the digital asset sector. Additionally, proposed measures like the Clarity bill signal potential changes in crypto market supervision.
Kraken’s decision to go public follows its recent valuation of $20 billion in a capital raising round, representing a 33% increase in under two months. The funding round saw participation from Wall Street giants Jane Street and Citadel Securities.
According to reports from Reuters last month, Kraken plans to go public in the first quarter of 2026. With the midterm elections approaching, analysts anticipate a sense of urgency among crypto companies to pursue IPOs to stay ahead of any potential uncertainties. Historically, the presidential party tends to lose ground in midterm elections, which could impact the digital asset industry landscape.
Other companies in the IPO pipeline include crypto-focused asset manager Grayscale and custody startup BitGo.
Although initially focused on crypto, Kraken has expanded its offerings across asset classes in recent months, including equities with the introduction of commission-free trading.
(Reporting by Arasu Kannagi Basil and Pritam Biswas in Bengaluru; Editing by Shilpi Majumdar)
