- Reports say Kraken is exploring a $1 billion debt package amid a potential initial public offering.
- Bloomberg reports Kraken is working with major financial institutions, including JPMorgan Chase and Goldman Sachs.
- Crypto exchange Coinbase went public in 2021.
Kraken, one of the leading cryptocurrency exchanges, is reportedly considering a substantial $1 billion debt package as it prepares for a possible public listing.
According to a Bloomberg report published on Monday, March 24, 2025, Kraken is assessing a debt raise as it faces pressure and speculation around a potential initial public offering. This is not the first time the exchange has been linked to IPO plans, but the Bloomberg article adds detail about discussions involving prominent U.S. banks.
Kraken enlists Goldman Sachs and JPMorgan Chase to pursue $1 billion
San Francisco-based Kraken recently achieved a major legal win when the U.S. Securities and Exchange Commission dropped its case against the exchange. Earlier this year, Kraken revealed plans for an IPO, with a potential listing targeted for the first quarter of 2026.
The latest Bloomberg coverage contributes to the ongoing conversation about an IPO, reporting that Kraken has engaged Goldman Sachs and JPMorgan Chase to assist in pursuing the debt package.
Although the exchange has previously cautioned that an IPO is not a certainty, the move toward securing a debt facility has renewed speculation. Securing $1 billion in debt would be a significant boost for the company if completed. Founded in 2011, Kraken is among several crypto firms exploring public listings.
Other notable firms weighing public offerings include Circle, the issuer of the USDC stablecoin, and Gemini, which has reportedly considered following Coinbase onto public markets. Blockchain.com and crypto-friendly platform eToro have also eyed public listings. Meanwhile, leaders at Tether and Ripple have previously downplayed plans for IPOs. Coinbase completed its public listing in 2021.