Kraken Confirms Secretly Submitting IPO Application, Valuation Drops to $13.3 Billion

BlockBeats News, April 15th, according to CNBC, Arjun Sethi, Co-CEO of the crypto exchange platform Kraken, confirmed that the company has secretly filed for an IPO with the U.S. Securities and Exchange Commission.

Reportedly, the valuation of this cryptocurrency exchange has plummeted by over $6 billion. The Deutsche Boerse Group has committed to investing $200 million in Kraken in exchange for a 1.5% fully diluted stake, implying Kraken's valuation will reach $13.3 billion. Last November, Kraken announced a fundraising of $800 million, with a valuation at that time of $20 billion.

Less than a month ago, due to a cryptocurrency market winter where the price of Bitcoin dropped 40% from its October all-time high, Kraken paused its IPO plans.