Huge $100 billion crypto listing stampede started by Kraken’s stealth IPO filing

Kraken's recent confidential filing for an Initial Public Offering (IPO) marks a significant shift in crypto finance, initiating what is becoming the industry's largest push for public listings since 2021. This move follows Kraken's $800 million funding round at a $20 billion valuation, attracting major institutional investors like Citadel Securities. The trend is widespread, with firms like Circle (already public), BitGo, Gemini, Bullish, and Grayscale also pursuing public access, potentially representing a collective $100 billion in market capitalization, according to Bitwise CEO Hunter Horsley. This wave signifies that crypto companies are rebranding themselves as durable, cash-flow-generating financial infrastructure rather than speculative startups. The reopening of the IPO window was catalyzed by Circle's strong debut, proving that regulated US firms with audited financials can attract long-term capital. Kraken's own filing highlights its evolution, funded largely by operational cash flow, and its expansion into multi-asset trading, including derivatives and equities, mirroring traditional exchange holding companies. These public listings impose greater scrutiny, rewarding firms with strong regulatory discipline and positioning them as long-term pillars bridging traditional and on-chain capital markets.

(Source：CryptoSlate)