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Crypto exchange Kraken is not facing a US public listing, even as a friendlier political climate and improving market conditions have spurred other crypto companies to pursue an initial public offering.
“We are financially sound. We know how to have our own risk management on how to run our company,” Kraken co-CEO Arjun Sethi. said Yahoo Finance on Thursday.
“We have enough capital on our balance sheet today as a private company,” he added. “We’re not running to the door as fast as possible.”
Multiple crypto companies have gone public this year, as the Trump administration has signaled a friendlier approach to the industry, which is seen as helping spur successful debuts.
Reports since at least mid-2024 they said Kraken was considering going public, with Bloomberg reporting in March that the company was lining up an IPO for the first quarter of 2026.
No FOMO despite new IPOs
Sethi said Kraken isn’t “afraid to forget because everyone else is doing it.”
On Thursday, crypto asset manager Grayscale presented to debut in the United States as companies seek to repeat the bumper of stablecoin issuer Circle IPO in June, where his actions increased more than 160% to more than $83. A rally in the following days pushed the company’s stock price to more than $260, but it has since cooled to just over $82.
Kraken rivals Gemini, Bullish and eToro also debuted this year alongside blockchain firm Figure, while custody firm BitGo. filed to go public in September.
“What’s good about these companies that come out first is that they educate the market about what’s good and what’s bad, what the margin looks like, how to make money,” he added.
Related: Bitcoin has had its IPO moment, says Wall Street veteran
Kraken launched in 2011, and Crunchbase shows which has raised $530 million in funding over that time, most of which has come from the 500 million dollar business round in September that valued it at $15 billion.
Kraken’s Sethi isn’t worried about the Bitcoin dip
Bitcoin (BTC) fell more than 4% in the past day to close to $97,000a correction of more than 22% from its peak of more than $126,000 in early October.
However, Sethi didn’t seem concerned about the price drop, which typically translates into lower traffic and volume for crypto exchanges like Kraken.
“If you just look at the general trend of crypto, Bitcoin […] you still have these curves that have continued to change for all asset classes,” he said.
“What’s much more important is the thesis behind why you want to buy Bitcoin or Ethereum, or any of these assets, versus holding a dollar or any other stock,” he added.
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