Kraken Confirms Confidential IPO Filing Following $13.3 Billion Valuation Drop

TLDR

• Kraken has officially acknowledged a confidential IPO filing during the Semafor World Economy event in Washington.
• A funding round in April placed Kraken’s valuation at $13.3 billion, a decrease from its $20 billion high in late 2025.
• Deutsche Börse is set to acquire a 1.5% fully diluted interest in Payward for a total of $200 million.
• The exchange reported that approximately 2,000 accounts were impacted by two security breaches involving internal support personnel.
• Kraken obtained a master account with the Kansas City Fed, enabling direct U.S. dollar settlements through Fedwire.

(SeaPRwire) –   Kraken is advancing toward its public market debut following the confirmation of a confidential IPO filing. This development coincides with an April investment round that valued the cryptocurrency exchange at $13.3 billion, down from a previous peak of $20 billion reported in late 2025.

Kraken confirms IPO filing as valuation falls

Co-CEO Arjun Sethi verified the filing on Tuesday during the Semafor World Economy forum in Washington, D.C. He noted that the company had “confidentially filed” for its initial public offering, validating previous rumors regarding its return to public market plans.

According to Semafor, the April funding round, which included Citadel Securities and other participants, valued the firm at $13.3 billion. This represents a decline from the $20 billion valuation seen in late 2025.

KRAKEN VALUED AT $13.3 BILLION.

Deutsche Börse — Europe’s largest stock exchange operator — just took a $200M stake. The partnership covers trading, custody, settlement, and tokenized assets for institutional clients.

Same Kraken that became the 1st Bitcoin & Crypto company… pic.twitter.com/xJw2BZFNqh

— Bitcoin Archive (@BitcoinArchive) April 14, 2026

Kraken had previously suspended its IPO ambitions due to declining crypto prices and lower trading activity. While recent crypto-related listings have struggled, the exchange remains open to a future debut.

Sethi emphasized Kraken’s objective to provide retail investors with access to sophisticated trading tools, drawing parallels to services provided by JPMorgan Chase and Jane Street. The strategy connects Kraken’s retail expansion to instruments typically utilized by institutional players.

Deutsche Börse expands ties as Kraken broadens market access

Deutsche Börse has announced a $200 million investment in Kraken via a secondary share acquisition, granting it a 1.5% fully diluted stake in Payward. The transaction is slated for completion in the second quarter of 2026.

This move deepens a collaboration established in December 2025, focusing on regulated cryptocurrency trading and derivatives. The partnership also targets institutional liquidity services and tokenized assets.

Kraken has also obtained a master account from the Federal Reserve Bank of Kansas City. This allows the exchange to access U.S. payment systems like Fedwire directly, facilitating dollar settlements without relying on intermediary banks.

While the account does not provide access to Federal Reserve lending or interest on reserves, it strengthens Kraken’s financial infrastructure by providing an additional channel for dollar settlements.

Insider incidents lead to extortion attempt

Kraken disclosed two internal security incidents where support staff accessed limited customer information. Roughly 2,000 accounts—about 0.02% of its user base—were affected, though the company clarified that no trading systems or client funds were compromised.

These breaches resulted in an extortion attempt by a criminal organization claiming to possess internal video footage. Kraken stated it declined to meet the group’s demands.

The exchange has since terminated the access of those involved, identified the individuals, and alerted both law enforcement and the impacted users. The firm is currently enhancing its internal security protocols.

Separately, Galaxy Digital reported an unauthorized access incident within a development environment, though no client data or assets were affected. These events highlight the persistent security challenges facing the crypto industry.