Kraken has restarted its U.S. IPO process, citing better macro conditions. The exchange also closed a $200 million investment from Deutsche B?rse for a 1.5% stake, valuing Kraken at $13.3 billion. Kraken’s 2025 results show a 33% revenue rise to over $2.2 billion, with trading volume hitting $2 trillion.

• Kraken resumes IPO filing after pause, reflecting improved market conditions and renewed listing considerations.
• Deutsche B?rse invests $200M for 1.5% stake, valuing Kraken at about $13.3B and strengthening market ties.
• Revenue and trading volume surged in 2025, supporting expansion into tokenized stocks and broader platform growth.

Kraken co-CEO Arjun Sethi confirmed Tuesday that the crypto exchange has confidentially filed for a U.S. IPO, following an earlier pause. Speaking in Washington, D.C., Sethi said the company resumed plans after market conditions shifted. At the same time, Deutsche B?rse Group agreed to invest $200 million for a 1.5% stake.

Filing Continues After Earlier Pause

Kraken initially submitted a draft Form S-1 to the U.S. Securities and Exchange Commission in November 2025. However, the company did not set a timeline for the listing. It later paused the process during a market downturn.

Now, Sethi said the filing remains active as Kraken evaluates timing. The comments came during the Semafor World Economy conference. He added that the company continues to expand access to advanced trading tools for individual users.

Notably, Kraken’s valuation has shifted during this period. Bloomberg reported the Deutsche B?rse investment implies a $13.3 billion valuation. This figure sits below the $20 billion valuation reached in late 2025.

Strategic Investment Supports Expansion

Meanwhile, Deutsche B?rse Group confirmed a $200 million investment in Kraken. The deal secures a 1.5% fully diluted ownership stake. This move links the crypto exchange with a major European market operator.

In addition, the partnership may deepen integration with Deutsche B?rse platforms such as 360T and 360X. These systems support foreign exchange trading and tokenized securities. The collaboration aims to connect traditional and digital asset markets.

Kraken has also expanded its product offerings. It launched tokenized stocks, which exceeded $5 billion in volume across venues. The platform reported more than 37,000 users for this feature.

Market Conditions and Growth

However, Kraken’s IPO timing remains uncertain. Earlier this year, the company paused plans as crypto prices declined. Bitcoin had fallen about 40% from its October peak during that period.

Recently, market activity has improved. Bitcoin climbed to around $76,000 and gained about 9% in April. At the same time, Kraken reported strong operational growth in 2025.

Revenue rose 33% to over $2.2 billion, driven by trading and asset-based services. Transaction volume reached $2 trillion, while platform assets increased to $48.2 billion.

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