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.
how reported Fox Business reporter Charles Gasparino, cryptocurrency exchange Kraken could go public next year through a dedicated mergers and acquisitions company (SPAC) or through an initial public offering (IPO).
SCOOP: @crazyfx execs eying going public possibly through a SPAC or IPO possibly sometime next year as online crypto exchange’s customer growth ramps up; industry sources expect a raft of crypto SPACs this summer and with that, much more regulatory scrutiny more now @FoxBusiness
– Charles Gasparino (@CGasparino) March 16, 2021
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. In January, Coinbase confirmed plans to go public 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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