United States-based cryptocurrency alternate Kraken is reportedly contemplating a funding spherical to lift greater than $100 million for the agency forward of a possible preliminary public providing (IPO).
In accordance with a June 6 Bloomberg report citing folks aware of the matter, Kraken was a funding spherical anticipated to lift greater than $100 million by 2025. The alternate reportedly mentioned it was “all the time exploring strategic paths” towards world crypto adoption however didn’t particularly touch upon a possible IPO.
Kraken is facing a civil lawsuit filed by the U.S. Securities and Change Fee (SEC) in November 2023. The regulator alleged Kraken operated as an unregistered alternate and “made a enterprise choice to reap a whole bunch of tens of millions of {dollars} from buyers” in violation of U.S. securities legal guidelines.
Associated: Kraken counters SEC’s legal interpretation in dismissal motion
In 2021, Coinbase grew to become the primary crypto alternate to go public in the US, itemizing shares of its inventory on the Nasdaq. Earlier than Coinbase’s IPO, Kraken mentioned if it pursued a public providing, it could do so through a direct listing and never a special-purpose acquisition firm.
Even dealing with scrutiny from the SEC, inventory buying and selling app Robinhood introduced plans to acquire crypto exchange Bitstamp in a $200-million deal. If regulators approve the settlement, it may very well be finalized within the first half of 2025.
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