CEO Jesse Powell said the exchange is “doing all of the prep” to become a public company
Just two months after Coinbase went public through a direct listing on the Nasdaq under the ticker COIN, Kraken appears to be following in his footsteps as it “do all the prep work“To become a public company, said CEO Jesse Powell in an interview with Bloomberg TV yesterday.
San Francisco-based Kraken is the fourth largest cryptocurrency exchange in the world by trading volume and was founded by Powell in 2011. The exchange offers trading in more than 50 different coins and was one of the first crypto exchanges to be listed on the Bloomberg Terminal. Powell suggested that Kraken could go public within the next 12 to 18 months.
Earlier this year, it was rumored that Kraken was considering going public through a special purpose vehicle (SPAC) valued at $ 10 billion. Powell, however, dispelled that notion in a Bloomberg TV interview back then, suggesting that the stock market would pursue a direct listing instead.
Kraken was reportedly in talks with companies like General Atlantic, Tribe Capital and Fidelity to raise funds back in February, with speculation that the exchange would call for a $ 20 billion valuation.
Last month, Tribe Capital co-founder Arjun Sethi joined Kraken’s board of directors as non-executive director after Tribe made extensive investments for several months, which is now Kraken’s second largest institutional investor behind Hummingbird Ventures.
Powell didn’t provide a target for Kraken’s assessment during yesterday’s interview, simply saying: “We are on a mission to bring crypto to the world and hopefully our assessment will reflect our success in achieving that mission.”
One possible evidence of this success is the growth in Kraken’s user base. With over six million customers in almost 190 countries, customer growth is only accelerating. Kraken reported more registrations in the first two months of this year than in all of 2020.
The May crash dampened trading volume somewhat, but Powell remains optimistic about a new Bitcoin all-time high. He told Bloomberg TV “I said a Bitcoin, a Lambo, by the end of the year. It might be a Lambo with fewer options or a smaller engine at this point, but I think we still have very high price targets in mind. “