Kraken Prepares for 2026 IPO Amid Regulatory Shift, 128% Revenue Surge

Crypto exchange Kraken, legally known as Payward Inc., is preparing for an initial public offering (IPO) in early 2026. The company's decision is driven by a more favorable regulatory environment, marking a significant shift from the constant regulatory hurdles the exchange faced previously.

Sources close to the matter indicate that Kraken’s IPO plans, while not finalized, are progressing rapidly. The company aims to capitalize on the improving climate for crypto businesses. Kraken has emphasized transparency in its financial disclosures, recently publishing 2024 financial highlights and proof of reserves. The company stated, “We’ll pursue public markets as it makes sense for our clients, our partners and shareholders.”

Kraken has faced regulatory challenges, including actions from the U.S. Securities and Exchange Commission (SEC). However, recent developments have cleared the path for its public listing. Earlier this year, the SEC dropped its case against Kraken, and the company resolved another case without penalties, reflecting a broader retreat by regulators.

The company reported robust financial performance in 2024, achieving $1.5 billion in revenue—a 128% increase from the previous year—and $380 million in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). Kraken also processed $665 billion in trading volume and managed $42.8 billion in customer assets by year-end, bolstering its readiness for a public debut.

Kraken’s move aligns with a broader trend of crypto firms exploring IPOs amid growing institutional investor interest and regulatory clarity. Other companies considering public listings include Circle, BitGo, Bullish, and Gemini. The supportive stance on digital assets has further encouraged industry leaders, meeting with over 20 top executives from the sector, including Kraken Co-CEO Arjun Sethi, at the White House Crypto Summit.