Cryptocurrency exchange Kraken is preparing to go public, capitalizing on improved regulatory conditions in the United States under President Donald Trump's administration.

The company, legally registered as Payward Inc., is reportedly planning an initial public offering as early as the first quarter of next year.

What Happened: While the decision is not yet finalized, sources familiar with the matter indicate that Kraken is actively working towards a public listing, according to a Bloomberg report on Mar. 7.

In a statement addressing the speculation, Kraken emphasized its dedication to financial transparency.

"We recently disclosed our 2024 financial highlights to improve transparency, following our lead in publishing proof-of-reserves. We will continue prioritizing openness and will pursue public markets when it aligns with the interests of our clients, partners, and shareholders," the company said.

Kraken has long considered going public, but its plans were hindered by regulatory enforcement actions during the Biden administration.

The company settled one case with the U.S. Securities and Exchange Commission and fought another until the agency ultimately dropped it without imposing any penalties.

Also Read: JPMorgan Questions Viability of US Crypto Reserve, Cites Issues With Smaller Tokens

Why It Matters: Under Trump, the regulatory environment has shifted, creating new opportunities for crypto firms.

The president has openly supported the industry and is set to meet with over two dozen crypto executives, including Kraken Co-CEO Arjun Sethi, at the White House on Friday.

Kraken's financial performance has strengthened amid the broader recovery in cryptocurrency markets.

The company's revenue more than doubled in 2024, reaching $1.5 billion, with adjusted earnings of $380 million.

In comparison, Coinbase , the largest U.S.-based crypto exchange, reported around $6.6 billion in revenue for the same period.

Globally, Kraken ranks among the top ten crypto exchanges by trading volume and has been expanding its services in multiple markets.

The company has also been developing new financial products to meet increasing demand.

Kraken is one of several crypto firms eyeing a public listing as IPO activity in the sector gains momentum.

Other firms reportedly considering going public include stablecoin issuer Circle (CRYPTO: USDC), digital asset custodian BitGo, and exchanges such as Gemini and Bullish.

Since its founding in 2011, Kraken has raised approximately $27 million in primary funding, a relatively small amount compared to its industry peers.

With its IPO plans progressing, industry observers are closely monitoring how the company navigates its next phase of growth in a changing regulatory landscape.

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