Kraken to consider direct public listing in 2022


TL;DR Breakdown

  • Kraken might consider going public in 2022 via a direct listing.
  • Coinbase and eToro are also preparing to debut on the stock market.

Following Coinbase IPO announcement, some cryptocurrency exchanges are beginning to nurture plans for IPO (Initial Public Offering). Another leading US cryptocurrency exchange, Kraken, is planning to go public next year. Fox Business’ Charles Gasparino reported the development on Tuesday, saying the exchange might list on the stock market either through a traditional IPO or merger with a special purpose acquisition company (SPAC).

Kraken is too big for a merger

Although Kraken executives mulled the two options to debut on the stock market, according to Gasparino, a spokesperson for the exchange later stated that they might consider going public in the coming year through a direct listing. Per the spokesperson, the cryptocurrency exchange is too big for a SPAC merger. A direct public listing means Kraken can offer its shares directly to the public without having to issue any new shares.

The leading US exchange, Coinbase, is also preparing to launch its shares on the stock market via the direct public listing. Recently, the exchange capped its months-long efforts for IPO by filing with the US Securities and Exchange Commission (SEC) for a direct listing. The exchange is reportedly planning to list on the New York-based stock exchange, NASDAQ, and the IPO is expected to raise its market valuation to $100 billion.

Exchanges are considering IPO

Kraken and Coinbase add to the list of popular crypto exchanges planning to go public via a direct listing. Meanwhile, another crypto company, eToro, seeks a SPAC merger for public listing. When listed, these shares are likely to soar, as there are many investors looking to partake in the crypto market without having direct exposure to the rapidly-growing crypto assets.

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Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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