Kraken's co-CEO Arjun Sethi confirmed on Tuesday that the cryptocurrency exchange has confidentially filed for an initial public offering (IPO) in the United States. In November 2025, media reports indicated that Kraken was preparing for a listing. At that time, Kraken independently stated in a blog post that it had submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (SEC), though the specific timing of the offering remained unclear. According to a report by Semafor, Sethi made these remarks at the Semafor World Economy Conference in Washington, D.C. The executive noted that Kraken is committed to making advanced trading strategies, typically available only to professional investors, accessible to individual investors. Reports indicate the cryptocurrency exchange's valuation has shrunk by more than $6 billion. Earlier on Tuesday, Deutsche Börse Group pledged to invest $200 million in Kraken in exchange for a 1.5% fully diluted ownership stake, implying a company valuation of $13.3 billion. In contrast, last November, Kraken announced an $800 million fundraising round at a $20 billion valuation. Less than a month ago, Kraken reportedly paused its IPO plans as a "crypto winter" drove Bitcoin prices down 40% from their October all-time high. In recent weeks, the flagship cryptocurrency has been steadily climbing. On Tuesday, Bitcoin briefly reached $76,000, a level not seen since February, and has gained 9% so far in April. Although shares of rival crypto exchange Gemini Space Station have fallen nearly 49% this year, they have risen 15% month-to-date.