Updated: June 6, 2024, 3:06 PM EDT
Kraken is considering another funding round, potentially with an eye toward an initial public offering (IPO), Bloomberg News reported Thursday, citing people familiar with the matter.
Cryptocurrency exchanges could raise more than $100 million in a pre-IPO round as rising token prices lead investors to turn to the cryptocurrency market, sources told Bloomberg. If Kraken decides to raise more funds, the round could be completed by the end of the year, according to a source who spoke to the publication.
“We are always exploring strategic paths toward Kraken’s mission to accelerate the global adoption of cryptocurrencies,” Kraken said in a statement Thursday. “We are fully focused on investing toward this goal.”
Kraken plans to launch an IPO as early as next year, sources told Bloomberg. To make these plans a reality, the exchange reportedly wants to get “big name” companies on its board.
The surge in investor interest in the exchange represents the latest sign that investors are interested in the cryptocurrency industry. According to data from The Block, more than $5.6 billion has poured into cryptocurrency companies since the beginning of this year.
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About the author
Elizabeth Napolitano is a data reporter covering business and technology news with a focus on cryptocurrency. Before she joined The Block, Elizabeth reported on BigTech, AI, crypto, and video games for CBS Moneywatch. As a CoinDesk reporter, she covered DeFi, NFTs, and US courts. She received a master’s degree in journalism from CUNY. X: Follow her at @LizKNapolitano.