March 17, 2021 | AtoZ Markets – According to media reports, Kraken, a major cryptocurrency exchange, is considering entering the stock market in 2022 through a direct listing on one of the American exchanges.
Kraken May Consider Going Public Next Year
According to Fox Business reporter Charles Gasparino, the Kraken crypto exchange may enter the stock market next year through SPAC or through an initial public offering (IPO).
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A spokesman for Kraken confirmed that the exchange may consider going public next year. However, any such offer will be sold through direct listing and not through SPAC, as the company is “too big” for that. Note that diversified cryptocurrency firm Kraken has a banking license from the Wyoming regulator and is one of the largest companies in the industry.
So far, no major cryptocurrency exchange has entered the US stock market, but this should change soon.
As AtoZ Markets reported, Coinbase has chosen Nasdaq as a platform to enter the stock market through a direct listing. With the lack of Bitcoin ETFs in the US market and the boom in cryptocurrency companies, Wall Street investors may be interested in investing in stock market-traded exchanges.
Kraken CEO Jesse Powell previously hinted at his interest in going public in 2022, but only at a reasonable price. He said that $10 billion is too little. Coinbase - a direct competitor to Kraken - has an expected valuation of $100 billion.
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