Kraken is close to going public, according to co-CEO Arjun Sethi. The exchange is “80% ready” to launch an initial public offering, he said. Separately, the company struck a deal with MoneyGram to help customers convert digital assets into cash.
The IPO timeline
Sethi, who also leads Payward, Kraken’s parent firm, didn’t give a specific date or window for the listing. The 80% figure suggests the bulk of the work is done, but key steps remain. Kraken has long been seen as a candidate for a public offering, though it has not yet filed paperwork with regulators. The company has not said which exchange it would list on or what valuation it expects.
Why the MoneyGram deal matters
The partnership with MoneyGram tackles what the industry calls the last-mile problem: turning crypto into spendable cash. Customers in certain markets will be able to deposit digital assets at Kraken and then withdraw local currency through MoneyGram’s network. The service is aimed at people who rely on cash day-to-day, especially in regions where banking access is limited. Terms of the deal were not disclosed.
For Kraken, the tie-up adds a real-world off-ramp without building its own physical infrastructure. For MoneyGram, it’s another bet on crypto after earlier experiments with Ripple’s XRP and a partnership with the Stellar network. The company is positioning itself as a bridge between digital and traditional money.
What’s still unknown
Sethi’s “80% ready” comment leaves plenty of room for interpretation. Kraken still needs to navigate the SEC’s scrutiny of crypto firms. The exchange faces a lawsuit from the agency over allegations it operated as an unregistered securities exchange, broker, dealer and clearing agency — charges Kraken has denied. How that case unfolds could affect the timing of the IPO.
Kraken also hasn’t said whether it will pursue a traditional IPO, a direct listing, or a SPAC merger. The company has been profitable in the past, but the broader crypto market’s volatility makes revenue difficult to predict. Investors will want clarity on all of this before the deal gets done.
The MoneyGram partnership launches in select countries first. Kraken hasn’t said which ones or when it will expand. For now, the company is laying groundwork — both on Wall Street and on Main Street.
