A day after securing a $20 billion valuation in its latest funding round, crypto exchange Kraken says it has confidentially filed to go public in the US.
On Tuesday, Kraken revealed it has secured a $200 million strategic investment from Citadel Securities at the $20 billion valuation, a 33% increase on the $15 billion price tag associated with a $600 million raise in September.
The following day, the company said it has confidentially filed for an initial public offering. Terms were not disclosed.
Kraken would be following fellow crypto exchanges Coinbase, Bullish, and Gemini in going public. Bullish and Gemini have seen their share prices drop since their recent listings and are both valued at less than Kraken's $20 billion tag.
The IPO plan comes amid a downturn in crypto prices, which has seen the market lose more than $1 trillion in value in just six weeks, with bitcoin seeing its value fall from a high approaching $125,000 to just $90,000.