Kraken Confidentially Files for U.S. IPO, Sparking $100B Listing Frenzy
Kraken has confidentially submitted paperwork for a U.S. initial public offering, igniting a wave of crypto exchange listings potentially unlocking $100 billion in value. The move echoes past market-top patterns and follows a surge in institutional interest. Kraken's stealth filing could value the exchange at billions, building on its growth in custody and trading services. This comes amid a broader IPO cluster, with rivals like Coinbase expanding aggressively. Experts see it as a sign of maturing crypto infrastructure, though timing raises bubble fears. Meanwhile, Crypto.com bolsters its position with a $1.5 billion custody deal via VerifiedX for institutional assets. The news has mixed impacts on crypto stocks, with Coinbase up 8% at open.
