Cryptocurrency exchange Kraken has filed for an initial public offering (IPO) in New York.
TipRanks Black Friday Sale
- Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Kraken filed for the IPO with the U.S. Securities and Exchange Commission (SEC). The company has not yet set a date for the IPO or said how many shares it plans to offer in its market debut. The price range for Kraken’s stock will be determined closer to the IPO date.
The IPO filing comes a day after Kraken announced it had raised $800 million in a funding round that values the company at $20 billion. Another recent funding round involving Citadel Securities also gave Kraken a $20 billion valuation.
The Rise of Crypto IPOs
Founded in 2011, Kraken operates a cryptocurrency trading platform that enables people to trade Bitcoin (BTC), Ethereum (ETH), and more than 400 other digital assets. In May of this year, Kraken acquired NinjaTrader, a retail futures trading platform, for $1.5 billion.
Kraken is the latest in a series of cryptocurrency firms that have gone public this year as prices for digital assets steadily rose. Other newly public crypto companies include stablecoin issuer Circle Internet Group (CRCL) and the Winklevoss twins’ crypto exchange Gemini (GEMI). Some analysts question the timing of Kraken’s IPO with Bitcoin’s price down 30% in the past month.
Is GEMI Stock a Buy?
The stock of crypto exchange Gemini has a consensus Moderate Buy rating among 11 Wall Street analysts. That rating is based on six Buy and five Hold recommendations issued in the last three months. The average GEMI price target of $28.10 implies 140.17% upside from current levels.
