Ah, the bustling world of crypto-where fortunes are made, lost, and made again, with all the reckless abandon of a late-night Vegas gamble. Yet, here stands Kraken, like a calm, collected sphinx in the middle of the madness. The crypto exchange, it seems, isn’t in any rush to dance to the IPO tune, despite a market revival and a more accommodating regulatory embrace from Uncle Sam.
“We’re financially sound,” said Arjun Sethi, co-CEO of Kraken, in his best ‘we’ve got this’ tone during a chat with Yahoo Finance last Thursday. “We know how to handle our own risk management. We don’t need to leap into the public abyss.”
He went on: “We have enough capital on our balance sheet as a private company.” Take that, IPO-hungry rivals! “We’re not racing to the door like a kid at the candy shop.” 🏃♂️💨
Of course, this is Kraken we’re talking about, and as the flood of other crypto firms prepares to take the public plunge, Kraken remains notably chill, sipping their drink in the corner. Several crypto outfits have already gone public, likely because the Trump administration, with its new warm embrace, made the IPO dream a bit more, well, real.
As early as mid-2024, rumors swirled that Kraken was preparing for its own debut. Bloomberg even reported that they could potentially step into the IPO spotlight by the first quarter of 2026. But who’s counting? Not them.
No FOMO despite new IPOs
As a thousand crypto companies rush to go public, Sethi remains resolutely unfazed. “We don’t have FOMO,” he remarked, his expression likely somewhere between bemused and mildly amused. What, exactly, is the fear of missing out when you’re already the calmest cat in the room?
Meanwhile, Grayscale-one of the industry’s heavyweight crypto asset managers-has filed to go public, just like the rest of the IPO crowd, hoping to mimic Circle’s bumper IPO. Circle’s shares, after launching in June, surged over 160% to $83. Then, like any good rollercoaster ride, they cooled off to $82. Oh, the sweet, sweet volatility of crypto!
Rivals of Kraken-Gemini, Bullish, and eToro-have also debuted, like a gaggle of eager show-offs. Figure, a blockchain firm, got into the mix, and BitGo, a custody firm, thought, “Why not?” and filed in September. Sethi, ever the patient observer, is almost delighted: “What’s good about these companies coming out first is that they’re helping to educate the market about what’s good, what’s bad, and how to make money.” Oh, you educators, you!
Launched in 2011, Kraken has since raised a staggering $530 million. The majority of this bounty came from a $500 million venture round in September, a round that valued Kraken at a modest $15 billion. And they’re still sitting pretty, thank you very much.
Kraken’s Sethi not worried about Bitcoin dip
Ah, Bitcoin. The darling of crypto and the heartbreaker of many a wallet. This past day, Bitcoin took a 4% dive, landing at a relatively humble $97,000, more than 22% off its mid-October high of $126,000. But Sethi? Not worried. In fact, he was downright nonchalant: “If you look at the general slope of crypto… these curves, they change for all asset classes.” Well, yes, of course they do-why worry about the dips when you can look at the big picture?
“The real question is: What’s your thesis behind buying Bitcoin or Ethereum-or any of these assets-rather than just hoarding dollars or other shares?” Sethi mused, in full philosopher mode. There you go-perhaps the real ‘value’ in crypto isn’t just the price. 🤔💰
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2025-11-14 08:57