Kraken bags $800M for expansion plans at $20B valuation

Kraken's parent company has taken a significant step towards an initial public offering (IPO), aiming to join other cryptocurrency firms like Circle, Gemini, Bullish, and Figure Technologies. This move comes amid a volatile market, indicating Kraken's commitment to growth despite industry challenges.

Kraken has confidentially filed for an initial public offering (IPO) in the U.S. through Payward, Inc. following a successful $800 million fundraising round that has valued the cryptocurrency exchange at $20 billion.

Bullish reported record revenue and profit for the third quarter; however, this strong performance did not positively impact investor sentiment, as the company's share price continued to decline.

Payward Inc., known as Kraken, has confidentially filed an S-1 registration statement with the U.S. Securities and Exchange Commission as part of its preparations for an initial public offering (IPO). This move signifies Kraken's commitment to expanding its presence in the cryptocurrency market amid increasing regulatory scrutiny.

Bitcoin is currently experiencing its largest correction of the bull market, with analysts indicating that the price is nearing a critical capitulation zone. This decline has raised concerns among investors, but some view it as a potential buying opportunity.

Crypto exchange Kraken has submitted a confidential filing for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). This filing comes shortly after Grayscale Investments announced a similar move, indicating a trend among cryptocurrency firms seeking to go public.

Kraken has confidentially filed for an initial public offering (IPO) in the United States, a move that may indicate growing mainstream acceptance and regulatory scrutiny of the cryptocurrency sector in the country.

Kraken has successfully raised $800 million through two funding rounds, resulting in a valuation of $20 billion. The funding was significantly bolstered by a $200 million investment from Citadel Securities. This financial boost is expected to support Kraken's expansion plans in the competitive cryptocurrency market.