Kraken CEO confirms plans to go public in 2022

Bitcoin exchange Kraken is considering going public in 2022, co-founder and CEO Jesse Powell confirmed in an interview with CNBC .

“We hope that next year we will be able to become a public company. It will likely be a direct listing like Coinbase, ”he said.

The placement of shares of the largest US cryptocurrency company is scheduled for April 14 .

Powell also confirmed that Kraken is in talks with investors for a new round of funding. After it, the valuation of the exchange may rise to $ 10 billion.

“We were in talks to hold another round, but sort of slowed down a bit to see what happens with the Coinbase valuation. I suspect the price will rise much higher than it is trading, ”said CEO Kraken.

According to him, the company has a “good balance sheet” and there is an opportunity not to rush to raise capital.

“The reason to do this is to attract several strategic investors who can help with geographic expansion and growth,” Powell said.

He noted that the exchange has benefited significantly from the Bitcoin rally:

“For us, any volatility is good, but it’s always better when the price rises. The first quarter did not leave a stone unturned from the results of last year. By the end of February, we surpassed last year’s figures. The whole market just exploded. “

In January-March, four times more new users registered on the platform than in the second half of 2020. Spot trading volumes for the first quarter reached $ 160 billion – 1.5 times more than Kraken for the entire last year.

Recall that the media reported on the plans to enter the stock market in mid-March. The options included a traditional IPO and a takeover of a Specialized Public Company (SPAC).

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