Kraken is reportedly eyeing its own Coinbase-style public listing after Bitcoin’s recent rally led to a surge in both trading volumes and new users.
Speaking to CNBC on Thursday, chief exec Jesse Powell said the world’s fourth biggest crypto exchange by trading volume could go public next year.
Following Bitcoin’s surge to $62,000, Kraken attracted four times as many users last quarter than in the whole second half of 2020.
Spot transaction volumes for the quarter also reached an all-time high of $160 billion — about 1.5 times more than the previous year.
According to CNBC, Kraken is talks with investors about a further round of fundraising that could see it valued somewhere around $20 billion.
This would make Kraken about as big as Hewlett Packard and Take-Two Interactive. However, Powell said the plan is mostly on the back-burner until Coinbase’s listing pans out.
Coinbase has opened the IPO floodgates
Kraken is just one of a number of platforms to tease a direct listing since Coinbase plotted to be the world’s first publicly traded crypto exchange.
- Last month, eToro announced a merger with SPAC FinTech Acquisition Corp. V in a huge $10.4 billion deal.
- In January, Cameron and Tyler Winkelvoss mentioned a possible Gemini IPO, saying they’re “watching the market” and “having internal discussions.”
- Controversial trading app Robinhood filed for an IPO in March with the listing likely to take place in Q2. It has since sought fresh bank loans, according to sources.
- Bakkt is going public via a merger with VPC Impact Acquisition Holdings at a value of $2.1 billion.
Coinbase is scheduled to go public on April 14. Analysts expect it to be worth over $100 billion shortly after.