United

United States-based cryptocurrency exchange Kraken is reportedly considering a funding round to raise more than $100 million for the firm ahead of a potential initial public offering (IPO).
According to a June 6 Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-06-06/crypto-exchange-kraken-said-to-be-in-talks-for-pre-ipo-fund-raising-round" target="_blank" rel="noopener noreferrer nofollow">report</a> citing people familiar with the matter, Kraken was looking at a funding round expected to raise more than $100 million by 2025. The exchange reportedly said it was “always exploring strategic paths” toward global crypto adoption but did not specifically comment on a potential IPO.
Kraken is&nbsp;<a href="https://cointelegraph.com/news/sec-sues-kraken-for-securities-laws-violations" rel="noopener noreferrer nofollow">facing a civil lawsuit</a> filed by the U.S. Securities and Exchange Commission (SEC) in November 2023. The regulator alleged Kraken operated as an unregistered exchange and “made a business decision to reap hundreds of millions of dollars from investors” in violation of U.S. securities laws.
Related: <a href="https://cointelegraph.com/news/kraken-counters-sec-legal-interpretation-dismissal" rel="noopener noreferrer nofollow">Kraken counters SEC’s legal interpretation in dismissal motion</a>
In 2021, Coinbase became the first crypto exchange to go public in the United States, listing shares of its stock on the Nasdaq. Before Coinbase’s IPO, Kraken said if it pursued a public offering, it would <a href="https://cointelegraph.com/news/crypto-exchange-kraken-says-it-is-too-big-to-go-public-through-a-spac" rel="noopener noreferrer nofollow">do so through a direct listing</a> and not a special-purpose acquisition company.
Even facing scrutiny from the SEC, stock trading app Robinhood announced plans to <a href="https://cointelegraph.com/news/robinhood-buy-bitstamp-crypto-exchange" rel="noopener noreferrer nofollow">acquire crypto exchange Bitstamp</a> in a $200-million deal. If regulators approve the agreement, it could be finalized in the first half of 2025.
Magazine: <a href="https://cointelegraph.com/magazine/godzilla-vs-kong-can-sec-prevail-against-crypto-legal-firepower/" rel="noopener noreferrer nofollow">Godzilla vs. Kong: SEC faces fierce battle against crypto’s legal firepower</a>

Kraken preparing for $100M funding round ahead of possible IPO: Report

Cointelegraph

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