Kraken, one of the oldest and largest cryptocurrency exchanges in the United States, is orchestrating a large funding round before a potential initial public offering next year, according to a new report from Bloomberg.

Sources contacted by the outlet say the exchange likely aims to raise $100 million before the move.

Kraken To Go Public?

If Kraken were to follow through, it would become the second publicly traded pure-play crypto exchange in the world after Coinbase, its larger rival.

The supposed plans are a response to investor inquiries on the matter fueled by the crypto market rally in recent months, which has boosted trading volumes from which exchanges like Kraken generate profit.

Two of the people contacted said Kraken would raise the money in a “pre-IPO round” with the intention of completing it by the end of the year.

An IPO could be completed as soon as next year, the people said, after Kraken can find a “marquee” company to join its board. Only verbal discussions have occurred regarding terms and valuations without any formal documentation, one person said.

“We are always exploring strategic paths toward Kraken’s Mission: accelerating the global adoption of crypto,” said Kraken, declining to comment specifically on fundraising or IPO matters. “We remain fully focused on investing in this goal.”

Public stock and crypto trading platform Robinhood said on Thursday hat it would acquire crypto exchange Bitstamp. Earlier this year, stablecoin issuer Circle also announced plans to go public.

A Maturing Crypto Market

Kraken’s parent company, Payward, was founded in 2011. While the exchange has intended to go public for years, a mix of volatile crypto market downturns and regulatory issues have continued to thwart its efforts.

As of today, momentum is turning around on both fronts. Bitcoin is now experiencing a newfound wave of demand from Wall Street, with experts believing tens of billions of dollars are yet to enter the newly launched ETF products.

Meanwhile, policymakers are starting to open up to crypto, and are pushing forward legislation to create legal clarity for the industry. Last month, the House of Representatives passed comprehensive legislation to clarify which crypto assets are commodities vs securities, and how crypto exchanges can properly register with regulators.

Kraken has run into its share of trouble with the Securities and Exchange Commission(SEC) already, paying a $30 million fine last year for failing to register its staking as a service product. It now faces a lengthier lawsuit for allegedly listing dozens of unregistered securities on its platform, which it is fighting back against in court.