Crypto exchange Kraken, legally known as Payward Inc., is preparing for an initial public offering (IPO) in early 2026. The company cites a more favorable regulatory environment under President Donald Trump, marking a significant shift from the constant regulatory hurdles the exchange suffered under the Biden administration. 

According to Bloomberg, sources close to the matter indicated that Kraken’s IPO plans, while not finalized, are progressing rapidly. The company aims to capitalize on the improving climate for crypto businesses.

“We recently disclosed 2024 financial highlights to be more transparent about our business, which is something we started by being first to publish proof of reserves and we’re going to continue to prioritize going forward,” Kraken told Bloomberg News. “We’ll pursue public markets as it makes sense for our clients, our partners and shareholders.”

A rocky road to the Kraken IPO

Kraken has faced its fair share of regulatory challenges, including U.S. Securities and Exchange Commission (SEC) actions. However, recent developments have cleared the path for its public listing. Earlier this year, the SEC dropped its case against Kraken, and the company resolved another case without penalties, reflecting a broader retreat by regulators under the Trump administration, which has adopted a more crypto-friendly stance.

The company reported robust financial performance in 2024, achieving $1.5 billion in revenue—a 128% increase from the previous year—and $380 million in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). Kraken also processed $665 billion in trading volume and managed $42.8 billion in customer assets by year-end, bolstering its readiness for a public debut.

Kraken’s move aligns with a broader trend of crypto firms exploring IPOs amid growing institutional investor interest and regulatory clarity. Other companies considering public listings include Circle, BitGo, Bullish, and Gemini. President Trump’s supportive stance on digital assets has further encouraged industry leaders, meeting with over 20 top executives from the sector, including Kraken Co-CEO Arjun Sethi, at the White House Crypto Summit last Friday.

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