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San Francisco-Based Crypto Exchange Kraken Mulls 0,000,000+ Pre-IPO Funding Round: Report

San Francisco-Based Crypto Exchange Kraken Mulls $100,000,000+ Pre-IPO Funding Round: Report

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Source: Daily Hodle

One of the world’s largest and oldest crypto exchanges is reportedly contemplating a final funding round before possibly going public.

Citing people familiar with the matter, Bloomberg reports that San Francisco-based Kraken is mulling conducting a pre-initial public offering (IPO) round after receiving inquiries from potential investors.

The fundraising, which will likely aim to raise more than $100 million, may be completed by the year-end, according to the sources.

Bloomberg says the exchange is looking for a “marquee” company to join its board and help it kick off a successful IPO by as early as next year.

The sources say talks between Kraken and potential investors only involved verbal exchanges of terms and valuations and do not have formal documentation.

Kraken has considered doing an initial public offering for years now but this did not push through because of the previous crypto downturn and the company’s regulatory issues with the U.S. Securities and Exchange Commission (SEC).

News of the company reconsidering an IPO emerges amid a bull market that could see crypto prices reach new all-time highs and bring the exchange $1 billion to $2 billion in revenue this year.

Kraken declined to comment on its purported fundraising and IPO plans.

“We are always exploring strategic paths toward Kraken’s Mission: accelerating the global adoption of crypto. We remain fully focused on investing in this goal.”

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Author: Rhodilee Jean Dolor