Kraken's IPO: Schrödinger's Box of Crypto Dreams—Valuation Collapses to $13.3B

Kraken has let it be known—via extremely subtle hints that we're interpreting as "definitely still happening"—that it's pressing forward with an initial public offering, despite whispers last month suggesting someone may have hit the pause button while muttering something about market conditions being "mid." You know, the usual crypto timing vibes.

Kraken dropped its confidential IPO filing with the US Securities and Exchange Commission back in November, because nothing says "we're a serious regulated company" like paperwork filed in a way that shareholders can't see it. Then came March, when an unconfirmed report suggested the whole thing might've been thrown in the freezer, presumably next to the leftover pizza and everyone's DeFi yields.

At the Semafor World Economy 2026 conference, Kraken co-CEO Arjun Sethi was asked whether "there are plans to take Kraken public soon." Rather than confirming, denying, or pulling a CZ-style disappearing act, Sethi confirmed the company had "confidentaneously filed" for an IPO. Classic non-denial denial, but with extra syllables.

"Is that news?" the reporter asked, clearly expecting something spicier than a filing that was already public.

"I believe that's news," Sethi replied, delivering maximum deflection energy while technically saying nothing at all.

Cointelegraph reached out to Kraken for comment but did not receive an immediate response—which, in crypto PR speak, translates to either "we're still deciding if we want to be perceived" or "our comms team is doxxed and hiding."

Sethi's comments landed just as German financial markets platform Deutsche Börse Group decided to throw $200 million at Kraken's parent firm, Payward, securing a 1.5% fully diluted stake. That's a lot of zeros, but apparently not enough to restore Kraken to its former $20 billion glory from November. If this were a poker game, we'd say the valuation took a bath. It's now sitting at $13.3 billion—still impressive