Crypto exchange Kraken is not hurrying toward a Kraken IPO in the United States, even as more crypto exchange IPO deals reach the market. Co-CEO Arjun Sethi said Kraken exchange has enough capital as a private company and does not feel pressure to list its shares now.
Speculation about a Kraken IPO has circulated since mid-2024. At that time, reports said the company was considering a public listing. In March, Bloomberg reported that Kraken exchange was lining up an IPO in the first quarter of 2026, adding to expectations around a future US deal.
However, Sethi’s latest comments point to a slower approach. He spoke on Thursday with Yahoo Finance at its Invest event in New York. There, he described Kraken exchange as financially sound and comfortable staying private for now.
“We’re financially sound. We know how to have our own risk management on how we run our company,”
Arjun Sethi said. He added that Kraken exchange has “enough capital on our balance sheet today as a private company.”
He also stated, “We don’t race to the door as quickly as possible,” in reference to a possible Kraken IPO. Sethi said the company does not have “the fear of missing out because everyone else is doing it,” addressing the idea that a crypto exchange IPO is needed just because rivals have gone public.
Reports since mid-2024 have linked Kraken exchange to a US listing. The Bloomberg article pointing to a potential Q1 2026 Kraken IPO remains part of that outlook. However, Sethi’s statements show that timing and structure are still open, and the company has not committed to a specific date.
Crypto exchange IPO wave grows as Kraken exchange watches from sidelines
Sethi’s remarks came while several crypto companies going public shape the market backdrop. Under the Trump administration, US officials have signaled a friendlier crypto policy, which many in the industry see as important for a crypto exchange IPO in New York.
On Thursday, crypto asset manager Grayscale filed to debut in the US. That Grayscale filing added another name to the list of crypto companies going public. Market watchers also track Circle IPO performance, which became a key reference point for digital asset listings.
Stablecoin issuer Circle went public in June. Its shares rose more than 160% on the first day, moving above $83. In the days that followed, the Circle IPO rally pushed the share price above $260, before it later cooled to just over $82. These Circle IPO numbers show how prices can move sharply after a listing.
Other rivals to Kraken exchange have already listed or filed. Gemini, Bullish and eToro have debuted this year, along with blockchain firm Figure. Custody firm BitGo also filed to go public in September. These crypto exchange IPO and infrastructure listings give investors more data on how public markets value trading and custody businesses.
Sethi said there is one benefit to letting others list first. “What’s good about these companies coming out first is that they are educating the market on what’s good and what’s bad, what margin looks like, how do you make money,” he said. His comment shows Kraken exchange is watching how each crypto exchange IPO explains its business model and risk profile to public investors.
According to Crunchbase, Kraken exchange launched in 2011. It has raised $530 million in funding, with most of that coming from a $500 million venture round in September. That round valued Kraken exchange at $15 billion, supporting Arjun Sethi’s point that the firm already has significant private backing and does not need an immediate Kraken IPO to raise funds.
Bitcoin price slide and market thesis frame Kraken exchange stance
Sethi also addressed the Bitcoin price downturn that affects trading volumes on platforms such as Kraken exchange. Bitcoin (BTC) has fallen more than 4% in the past day to near $96,951. The Bitcoin price is now about 22% below its early October peak above $126,000.
For many exchanges, a Bitcoin price correction can mean lower spot and derivatives activity. Traffic and volume often react when the Bitcoin price drops or consolidates after a strong move. This environment forms part of the backdrop for decisions about a Kraken IPO and other crypto exchange IPO plans.
However, Arjun Sethi did not focus on the short-term Bitcoin price change.
“If you just look at the general slope of crypto, Bitcoin […] you always have these curves that have continued to change for all asset classes,”
he said. His comment pointed to longer timeframes rather than a single 22% correction in the Bitcoin price.
Sethi also emphasized the role of investment reasoning.
“What’s much more important is the thesis behind why you’d want to buy Bitcoin or Ethereum, or any of these assets, versus holding a dollar or any other shares,”
he added. This view places Bitcoin, Ethereum, and other crypto assets in direct comparison with traditional holdings such as cash and equities.
In this setting, Kraken exchange continues to run its core business while watching the crypto exchange IPO trend, Grayscale filing, Circle IPO performance, Bitcoin price moves and Trump administration crypto policy. The company signals that a Kraken IPO remains an option, but not an urgent step, as Arjun Sethi underlines its current capital position and private funding base.
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Tatevik Avetisyan is an editor at Kriptoworld who covers emerging crypto trends, blockchain innovation, and altcoin developments. She is passionate about breaking down complex stories for a global audience and making digital finance more accessible.
📅 Published: November 14, 2025 • 🕓 Last updated: November 14, 2025
