Kraken

Kraken announced it will acquire Switzerland-based Backed Finance, the tokenization firm it has already partnered with on its xStocks tokenized equity product. The deal aims to deepen Kraken’s real-world asset capabilities and expand its tokenized equity offering.

Kraken submitted a confidential IPO filing just days after closing an $800 million funding round, seeking to lock in momentum as U.S. regulators edge toward clearer crypto rules. The move signals confidence in a firmer regulatory path and a bid to reach public markets while sentiment is favorable.

Kraken said Wednesday it has confidentially submitted paperwork for a U.S. IPO, beginning the formal registration process with the SEC. The confidential filing starts review while keeping deal terms under wraps, so timing and valuation remain uncertain.

Kraken said it raised $800 million in a funding round valuing the exchange at $20 billion, signaling strong investor appetite for crypto infrastructure. The deal, announced Tuesday, positions Kraken to accelerate growth and compliance efforts.

Kraken co-CEO Arjun Sethi told Yahoo Finance Invest that recent Bitcoin weakness has not materially affected the exchange and highlighted tokenized stock offerings and regulatory engagement as key priorities. He framed volatility as manageable given Kraken's product mix and compliance focus.

Satoshi-era billionaire Owen Gunden transferred about $244 million in BTC to Kraken on Nov. 13, prompting worries of near-term selling pressure and increased volatility for Bitcoin.