Kraken co-CEO Arjun Sethi confirmed on Tuesday that the cryptocurrency exchange has moved forward with a confidential filing for an initial public offering in the United States.

Semafor reported from the World Economy 2026 conference that Sethi verified the filing during a discussion with reporter Rohan Goswami. 

When asked if the news was significant, Sethi remarked, “I believe that’s news,” marking the first official confirmation of the move following unconfirmed reports in March that suggested the listing had been paused due to market volatility.

Institutional backing and valuation adjustments

The disclosure coincided with a strategic $200 million investment from Deutsche Börse Group into Kraken’s parent company, Payward. 

This deal gives the German market operator a 1.5% fully diluted stake and establishes a valuation of $13.3 billion for the exchange. This figure represents a decline from the $20 billion valuation the company held in November.

Kraken told crypto media that the partnership with Deutsche Börse is intended to merge digital assets with traditional finance. The goal is to create a single, cohesive infrastructure for institutional clients rather than maintaining parallel systems for different asset classes.

Addressing the timing of the IPO, Sethi noted that the decision is not a reaction to the current political climate in Washington. He suggested that while policy shifts might seem significant on a quarterly basis, they carry less weight for a firm looking at a multi-decade horizon. 

“If you’re thinking about your company three, five, 10 or 20 years out, none of this is meaningful,” Sethi said. “It just doesn’t matter.”

The executive further clarified that the drive to go public is not solely about raising capital. Instead, the move hinges on specific market conditions and the level of established trust with regulatory bodies.