One of the world’s largest and oldest crypto exchanges is reportedly considering a final round of funding before it potentially goes public.
Bloomberg quotes people familiar with the matter reports that San Francisco-based Kraken is considering conducting a pre-initial public offering (IPO) round after receiving inquiries from potential investors.
The fundraising, which likely aims to raise more than $100 million, could be completed by the end of the year, according to the sources.
Bloomberg says the exchange is looking for a “major” company to join its board of directors and help the company launch a successful IPO as early as next year.
The sources say the discussions between Kraken and potential investors involved only verbal exchanges of terms and valuations and there is no formal documentation.
Kraken has been considering an IPO for years, but this fell through due to the previous crypto crisis and the company’s regulatory issues with the US Securities and Exchange Commission (SEC).
News that the company is reconsidering an initial public offering comes amid a bull market that could see crypto prices reach new all-time highs and see the exchange generate $1 billion to $2 billion in revenue this year.
Kraken declined to comment on the alleged fundraising and IPO plans.
“We are always exploring strategic paths toward Kraken’s mission: accelerating global crypto adoption. We remain fully focused on investing in this goal.”
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