Kraken has confidentially filed for an initial public offering, co-CEO Arjun Sethi said Tuesday at Semafor World Economy in Washington, D.C., confirming earlier reports. The disclosure marks a renewed step toward public markets after earlier plans were paused amid volatile crypto conditions.

The San Francisco-based exchange was valued at $13.3 billion in an April funding round, down from a $20 billion peak in late 2025, according to Semafor. The round included backing from major investors such as Citadel Securities and reflected shifting sentiment across digital asset markets.

Sethi said Kraken aims to bring institutional-grade trading tools to retail users. He compared the…

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