Kraken, one of the world's largest cryptocurrency exchanges, announced on Wednesday that it has confidentially filed for an initial public offering (IPO) in the U.S. Digital asset firms are now seeking to enter the IPO market ahead of the 2026 midterm elections, which could reshape the industry's regulatory landscape.
Amid the Trump administration's crypto-friendly policies, stablecoin issuer Circle and crypto exchange Gemini have also made progress toward U.S. listings this year.
The announcement came just one day after Kraken revealed its valuation surged to $20 billion in its latest funding round—a 33% increase in less than two months.
Analysts predict crypto firms will aim to complete their listings before next year's midterm elections. Other companies preparing for IPOs include Grayscale, a crypto-focused asset manager, and custody startup BitGo.
Former U.S. President Donald Trump, who pledged to make America the "global crypto capital," signed the Genius Act into law earlier this year. Proposed legislation like the Clarity Bill, which seeks to establish a regulatory framework for cryptocurrencies, has further boosted market sentiment.
Founded in 2011, Kraken stated that the number of shares to be offered and the price range for its IPO have yet to be determined. The platform currently supports trading for over 450 digital assets, fiat currencies, and traditional assets.