13-year-old crypto exchange files confidential IPO

KRAK.PVT

Kraken has moved one step closer to becoming a publicly traded company.

On Nov. 19, Payward Inc., the operator of the crypto exchange, announced that it has confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering of its common stock.

The company, in a blog post said it has not yet determined the number of shares it intends to offer or the price range for the listing. The IPO will proceed only after the SEC completes its review and “subject to market and other conditions,” the announcement said.

Related: Kraken exec says tokenized stocks will let you ‘buy coffee with Tesla’

What is Form S-1?

A Form S-1 is the official registration document a company must file with the U.S. Securities and Exchange Commission (SEC) before it can go public. It includes detailed financial statements, business risks, revenue information, management disclosures and how much money the company plans to raise in its initial public offering (IPO). The SEC reviews the S-1 to ensure all disclosures are accurate and complete before the company is allowed to sell shares to the public.

The filing was made under Rule 135 of the Securities Act, which allows companies to disclose basic information about an upcoming offering without it constituting an offer to sell securities.

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13-year old Kraken makes historic decision

Founded in 2011, Kraken is one of the oldest U.S. crypto trading platforms and now offers more than 450 digital assets, traditional U.S. futures, U.S.-listed equities, ETFs, and multiple fiat currencies. The company says it operates one of the fastest and most liquid trading venues in the industry and was among the first major exchanges to roll out a Proof-of-Reserves verification.

Kraken’s broader product suite includes the Kraken App, Kraken Pro, Kraken Institutional, Kraken Onchain, the Krak App and the Ninja Trader retail platform. Across these tools, clients can trade, stake, custody assets and access derivatives and portfolio-management features.

Crypto's IPO year

Several digital-asset firms have already made their public-market debut in 2025, setting the stage for Kraken’s potential listing. Stablecoin issuer Circle completed its long-anticipated U.S. IPO in June, raising more than $1 billion.

Crypto exchange Gemini—through its parent Gemini Space Station—also went public this year, debuting on the Nasdaq under the ticker GEMI. Meanwhile, Tron Inc. advanced toward the public markets via a reverse-merger structure announced earlier this year, giving traditional investors exposure to a major blockchain ecosystem.

Related: Ledger eyes IPO listing amid surge in cyber attacks

This story was originally reported by TheStreet on Nov 19, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.