The Kraken crypto exchange has officially filed for a US IPO, according to a Tuesday blog post from the exchange. According to an official press release, the San Francisco–based crypto exchange has confidentially submitted a draft registration statement on Form S‑1 with the US SEC for a proposed initial public offering of its common stock. Kraken says it is valued at $20 billion in its latest fundraising, a 33% increase in under two months.

The IPO is expected to proceed once the SEC completes its review, subject to market conditions. However, the number of shares being made available remains to be communicated. The IPO filing also comes a few months after the FBI dropped its investigation into Kraken Crypto Exchange founder Jesse Powell.

Furthermore, the filing marks another huge step forward for not just Kraken, but crypto’s pathway into traditional finance. Other top crypto exchanges, such as Coinbase and Circle, have seen huge success in 2025 with their IPO offerings. Going public allows these companies to grow their name in traditional finance and on Wall Street, especially as cryptocurrency garners more attention.

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Before the IPO’s launch, Kraken had also secured $200 million in a strategic investment from Citadel Securities, a Kraken spokesperson confirmed to Fortune. “We’re excited to support Kraken’s continued growth as it helps shape the next chapter of digital innovation in markets,” Jim Esposito, president of Citadel Securities, said in a statement this week. The Kraken spokesperson also publicly confirmed the $600 million round of financing this week. Bloomberg first reported back in September that the crypto exchange was considering a new raise at a $20 billion valuation from a strategic investor.