Kraken explores pre-IPO funding round: Bloomberg
Quick Take
- Kraken may aim to raise more than $100 million in a final funding round before potentially going public next year, sources told Bloomberg.
Kraken is considering doing another funding round as it potentially eyes an initial public offering, Bloomberg reported Thursday, citing people familiar with the matter.
The crypto exchange could raise north of $100 million in a pre-IPO round, as investors turn toward the crypto market amid a rally in token prices, sources told Bloomberg. If Kraken chooses to raise more funds, the round could be completed by the end of the year, according to one source who spoke with the publication.
“We are always exploring strategic paths toward Kraken’s Mission: accelerating the global adoption of crypto,” Kraken said Thursday in a statement. “We remain fully focused on investing in this goal.”
Kraken plans to launch an IPO as soon as next year, sources told Bloomberg. To realize those plans, the exchange reportedly wants to bring a “marquee” company onto its board.
The spike in investor interest in the exchange marks the latest sign investors are warming up to the crypto industry. According to The Block's data, more than $5.6 billion has been poured into crypto companies since the beginning of this year.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
