TLDR
- Kraken filed a confidential IPO draft with the SEC and awaits regulatory review.
- Kraken raised $800M in new funding, including $200M from Citadel Securities.
- Kraken surpassed $1.5B in 2024 revenue, exceeding that in 2025’s first three quarters.
- Kraken plans expansion across LATAM, Asia Pacific, and EMEA markets.
Payward, Inc., operating as Kraken, has submitted a confidential draft registration statement with the U.S. Securities and Exchange Commission. The filing is related to its proposed initial public offering of common stock.
The number of shares to be offered and the price range have not yet been determined. The IPO is expected to take place following the SEC’s review process and is subject to market and other conditions. This filing was made under Rule 135 of the Securities Act of 1933.
Kraken stated that this announcement does not represent an offer to sell or a solicitation to buy any securities. All sales and offers will occur in accordance with the law.
Background and Business Performance
Founded in 2011, Kraken is among the oldest and most trusted digital asset platforms in the crypto industry. Its product offerings include over 450 cryptocurrencies, U.S. futures, and traditional equities such as U.S.-listed stocks and ETFs.
The company reported $1.5 billion in revenue for 2024. It has already surpassed that revenue figure within the first three quarters of 2025. Kraken also announced it had raised $800 million across two recent tranches to support its on-chain strategy.
The company operated profitably for years while raising only $27 million in primary capital before this latest round. It now holds a $20 billion valuation. Institutional backers include Jane Street, DRW Venture Capital, Tribe Capital, and HSG. A $200 million investment from Citadel Securities followed, adding strategic financial and operational support.
Product Expansion and Infrastructure Growth
Kraken recently added several features across its ecosystem. It introduced tokenized equity trading and expanded into equities via the launch of KRAK, a financial app for payments, saving, and investing. The company also finalized the acquisition of NinjaTrader to support U.S. futures trading.
Its product suite includes the Kraken App, Kraken Pro, Kraken Onchain, Kraken Institutional, and NinjaTrader. Users can buy, sell, trade, and stake assets and use portfolio tools.
The company operates a vertically integrated system. It manages everything from exchange matching to custody, settlement, wallet services, and market data. This structure enables faster deployment of features while ensuring security and compliance.
Future Plans and Global Expansion Strategy
Kraken will use its new funding to support international growth and broaden its services beyond cryptocurrencies. According to the company, upcoming markets include Latin America, Asia Pacific, and EMEA.
“We’re excited to support Kraken’s continued growth,” said Jim Esposito, President of Citadel Securities. He confirmed Citadel’s involvement will include liquidity provision and market structure expertise.
Kraken plans to deepen its regulatory footprint while offering more payment services and institutional tools. The goal is to expand access to tokenized and digital assets in new and existing markets.
Arjun Sethi, Co-CEO of Kraken, added, “Our focus has always been straightforward: to create a platform where anyone can trade any asset, anytime, anywhere.”
The company said that the new capital will fund acquisitions and help scale operations while continuing to build trusted infrastructure for open finance.
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