Kraken's Big Move: Crypto Giant Eyes Wall Street

Kraken, a major player in the crypto world, has taken a significant step towards going public. This comes hot on the heels of a massive fundraising round that valued the company at a staggering $20 billion. The company has filed a draft registration form with the SEC, aiming to list its shares on Wall Street. However, the number of shares and their price range are still under wraps. The timeline for the IPO hinges on the SEC's review process and market conditions. This move has been in the works since March, when the SEC dropped a lawsuit against Kraken. Since then, rumors have been swirling about Kraken's plans to raise hundreds of millions before going public. Those rumors became reality on Tuesday, with an $800 million fundraising round led by big names in traditional finance, including Ken Griffin's Citadel. Kraken plans to use these new funds to expand globally, beyond the U. S. market. This is a big deal, especially considering that before President Donald Trump's return to office, Coinbase was the only crypto exchange publicly trading on Wall Street. Other exchanges like Gemini and Bullish have also made their way to Wall Street this year. However, their stocks have not fared well. Bullish, for instance, saw its stock price drop from a high of $118 to $35. 66. Gemini, meanwhile, has seen its stock decline by over 68% since its September debut. It's clear that the crypto market is volatile, and this IPO is a bold move for Kraken. Only time will tell if they can buck the trend and make a success of their Wall Street debut.