Cryptocurrency exchange Kraken is preparing to enter the stock market in 2022, writes The Block , citing a company representative.
Kraken is considering a direct listing, thus excluding an initial public offering (IPO) and a merger with a specialized company (SPAC). The exchange has grown too big for SPAC, according to a Kraken spokesperson. Fox Business journalist Charles Gasparino wrote on Tuesday that Kraken is going to be listed in 2022 through an IPO or SPAC.
Kraken CEO Jesse Powell recently said that he sees no point in gaining public status for the company with a valuation below $ 10 billion. According to media reports, Kraken is currently in negotiations to raise funds to bring the exchange capitalization to the desired level.
“We are now fully focused on scaling our business, assigning people to key positions, and delivering the best customer experience during this time of unprecedented growth,” said a Kraken spokesperson.
Competing exchange Coinbase intends to enter the stock market through direct listing in the coming weeks. Crypto brokerage platform eToro has also disclosed related plans using SPAC. In addition to them, Gemini and Bakkt have interests in this direction.