Kraken has taken the first step toward becoming a public company and is currently awaiting approval from the U.S. Securities and Exchange Commission (SEC).

Even as volatility grips digital assets, crypto exchanges are seeking investment. On November 19, Kraken disclosed that it had confidentially filed for an initial public offering (IPO). Namely, Payward, Kraken’s parent company, filed the Form S-1 with the SEC related to its IPO.

The IPO would enable Kraken to list its shares on the public market, making them accessible to a wide range of investors. The Wyoming-based company will have to wait for the SEC’s approval to go public. What is more, Kraken’s parent firm stated that it had not yet determined the IPO price and the number of shares it wants to offer.

“The number of shares to be offered and the price range for the proposed offering have not yet been determined,” Kraken wrote in a press release. The firm added that the “initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions.”

Kraken follows the IPO boom

This news comes after Kraken secured $800 million in two funding rounds, increasing its valuation to $20 billion.

Kraken is the latest crypto firm to pursue a public listing. In November, Grayscale Investments filed with the SEC to be listed on the New York Stock Exchange.

Several major crypto firms, including Circle, Gemini, Bullish, and Figure Technologies have already completed their IPOs.

In particular, Circle’s IPO attracted significant attention, with the company posting 120% gains in its first day of trading.