03:47 PM EST, 11/19/2025 (MT Newswires) -- Crypto platform Kraken said Wednesday it has confidentially submitted a draft registration statement with the US Securities and Exchange Commission for a proposed initial public offering of its common stock.

The number of shares and the price range of the proposed offering have not been yet determined, the company said, adding that the IPO is expected to occur after the SEC completes its review process.

The IPO announcement comes a day after Kraken said it has raised $800 million across two tranches, with institutional investors including Jane Street, DRW Venture Capital, among others, leading the primary tranche.

Apart from the capital raise, Kraken said on Tuesday that it executed an agreement for a subsequent $200 million strategic investment from Citadel Securities, valuing the company at about $20 billion.