Cryptocurrency exchange Kraken’s choice to move ahead with a confidential IPO filing, just days after securing an $800 million raise, shows an exchange trying to capitalize on market momentum while U.S. regulators edge toward clearer crypto rules.

The timing surprised some market watchers as the company's recent capital raise implied a strong private-market valuation and provided substantial runway.

But the IPO move fits a broader trend playing out across crypto, according to seasoned securities attorney Megan Penick of Dorsey & Whitney.

"As digital asset treasury companies are increasingly seeking to access the U.S. capital markets … crypto exchanges, such as Kraken, are also seeking to access greater liquidity through initial public offerings," she said in an email to CoinDesk.

For Kraken, liquidity is only part of the equation. As the industry emerges from a multi-year regulatory fog, exchanges are trying to position themselves for the next growth inflection.

“Regulators are moving to bring greater clarity to crypto regulation, with a bipartisan proposal aiming to bring BTC, ETH and crypto exchanges clearly within the CFTC’s regulatory purview," Penick said.

If that shift materializes, a U.S.–listed Kraken could operate with a degree of regulatory certainty previously unavailable, boosting appetite among institutional investors.

Penick added that Kraken could complete its offering in "six months or so," assuming a typical review cycle and updates to financials. But the agency only recently reopened after being shuttered for nearly six weeks, creating a backlog of review filings. That means Kraken’s debut may stretch into 2026.

The timing of Kraken's IPO is also intriguing. Crypto ( CRCW ) exchanges Bullish (whose parent company Bullish Global is also the owner of CoinDesk) and Gemini both went public in recent moves with shares popping on open. But now, the crypto market is embarking on a corrective phase with bitcoin (BTC) dropping from $126,000 record highs to $91,000 in just over a month.

The filing is a sign that Kraken trusts the market will recover, but also that the U.S. crypto market is maturing to a point where it's safer to jump on board to avoid missing the boat.