CEO Jesse Powell has stated the alternate is “doing all of the prep work” to turn into a public firm
Simply two months after Coinbase went public by way of a direct itemizing on the Nasdaq below the ticker COIN, Kraken appears set to comply with in its footsteps, as it’s “doing all of the prep work” to turn into a public firm, in accordance with CEO Jesse Powell in an interview with Bloomberg TV yesterday.
Based mostly in San Francisco, Kraken is the world’s fourth largest cryptocurrency alternate by buying and selling quantity and was based by Powell in 2011. The alternate gives buying and selling on greater than 50 completely different cash and have become one of many first crypto exchanges to be listed on Bloomberg Terminal. Powell recommended Kraken may go public inside the subsequent 12 to 18 months.
Earlier this yr, it was rumoured that Kraken was contemplating an IPO through a particular function acquisition firm (SPAC) with a valuation of $10 billion. Nevertheless, Powell dispelled that notion in a Bloomberg TV interview on the time, suggesting the alternate would pursue a direct itemizing as a substitute.
Again in February, Kraken was reportedly in talks with companies together with Common Atlantic, Tribe Capital and Constancy to boost funds, with hypothesis that the alternate would push for a valuation of $20 billion.
Final month, Co-founder of Tribe Capital, Arjun Sethi, joined Kraken’s board as a non-executive director, following a number of months of heavy funding by Tribe, which is now Kraken’s second largest institutional investor behind Hummingbird Ventures.
Powell didn’t give a goal for Kraken’s valuation throughout yesterday’s interview, merely saying, “We’re on a mission to convey crypto to the world, and our valuation hopefully will likely be a mirrored image of our success in attaining that mission.”
Doable proof of that success is the expansion in Kraken’s person base. With over six million prospects throughout almost 190 nations, consumer progress is just accelerating. Kraken reported extra sign-ups within the first two months of this yr than throughout the entire of 2020.
The crash in Might considerably dampened buying and selling volumes, however Powell stays optimistic a couple of new Bitcoin all-time excessive. He instructed Bloomberg TV, “I’ve stated one Bitcoin, one Lambo by the top of the yr. It might be a Lambo with fewer choices or a smaller engine at this level, however I believe we’re nonetheless taking a look at very lofty value targets.”
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