Kraken IPO: Will Customers Get IPO Access?

Explore ways to invest in this crypto startup as the Kraken IPO date approaches — likely in the first half of 2026. Kraken filed confidentially for an IPO on November 19th, 2025. 

Will Kraken offer IPO access to customers similar to the way Robinhood did? The S-1 filing expected to drop in early 2026 will give us clues. See my recent podcast episode (below) where I discuss the potential for customer access. 

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Recent Kraken News

11/19/2025: Kraken Files Confidentially
11/18/2025: Kraken raises $800 million
10/22/2025: Kraken Plans IPO in Q1 2026
09/26/2025: Kraken in Talks to Raise (again) at $20B Valuation
Older news…

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About Kraken

Kraken is a cryptocurrency exchange and online stock trading platform based in San Francisco, CA. It enables customers to trade and store crypto, stocks, tokenized stocks (xStocks), and futures for as little as $10. 

Co-founder Jesse Powell was an early crypto adopter who consulted Mt. Gox leadership after its devastating security breach. He used the lessons learned from the Mt. Gox failures to create a more secure and sustainable cryptocurrency trading platform. 

Kraken is one of the top ten ranked global cryptocurrency exchanges. As of November 2025, it offers access to 573 crypto assets and 11,000 U.S stocks and ETFs. 

The platform is popular with active traders, offering futures and margin trading. The company has a Special Purpose Depository Institution (SPDI) designation but is not a bank (and therefore not FDIC-insured). 

After competitors such as Coinbase and Robinhood had successful IPOs in 2021, Powell said Kraken was planning to IPO in the second half of 2022. However, fintechs, including anything crypto-related, crashed severely in 2022, and Kraken never IPO. 

Now that fintech IPOs are back after Circle, Bullish, Chime, and Gemini, Kraken is poised to be next in Q1 2026, according to reports. 

Since Kraken offers stock trading to customers, we’ll be monitoring it for offering IPO access to customers. Here’s a recent podcast episode on Kraken. 

Ownership

Kraken is a startup that has raised funds via venture capital and a crowdsourcing campaign from its customers. The founders and employees make up the balance of equity owners. 

Investors included Citadel Securities, Jane Street, Barry Silbert, Trade Meyer, Hummingbird Ventures, SBI Group, Tribe Capital, Blockchain Capital, Blockchain Coinvestors, Digital Currency Group, GE Ventures, Money Partners Group, MyAsiaVC, Soul Capital, Tachi.ai Ventures, and Trammell Venture Partners.

Funding Rounds

WordPress Data Table Plugin

Valuation

The Kraken valuation is $20 billion based on a November 2025 announcement of a $200 million investment by Citadel Securities. 

Pre-IPO data from Hiive and Caplight indicates heavy secondary volume, supporting a Kraken valuation above $15 billion. 

Kraken disclosed that it collected $1.5 billion in revenue in 2024, and $1.5 billion in revenue within the first three quarters of 2025. 

IPO Potential

The Kraken IPO date is widely expected to take place in Q1 2026. It filed confidentially for an IPO on November 19th, 2025.

Kraken has be talking about an IPO for a while. Bloomberg reported in March 2025 that the company was planning to IPO in 2026 and Reuters reiterated that intent in October.

The confidential filing supports that timeline. 

In April 2021, then-CEO Jesse Powell indicated the company was aiming to IPO by late 2022, pending market conditions. 

The IPO markets soured in 2022, and thus, the Kraken IPO never commenced. Powell stepped down as CEO but is still involved with the company.

Now that the IPO market has improved, we’re seeing multiple fintech startups complete their IPOs and enter the pipeline as the 2025 administration turnover has improved the regulatory environment for fintech innovation. 

How to Invest in Kraken Stock

Most individuals cannot own Kraken stock via pre-IPO investing platforms because of the SEC accreditation requirement. 

Furthermore, it will be difficult for most investors to acquire IPO shares if and when the Kraken IPO date arrives due to anticipated high demand. 

Therefore, the most likely way investors can own Kraken stock is to wait for the IPO and buy shares after it goes public.

But savvy pre-IPO investors may find opportunities to own the company before the IPO. 

Here are some potential options to own Kraken stock before, during, and after the IPO.

1. Access Kraken stock pre-IPO

Pre-IPO investment platforms may offer Kraken stock for early purchase as employees or early investors seek to sell some of their shares before the Kraken IPO.

Accredited investors may access shares, provided they are registered on the platform and receive notifications about their availability.

Monitor pre-IPO investing platforms such as Hiive, Forge Global, and EquityZen for availability. Kraken is among the most active name on Hiive. 

If an investment opportunity becomes available, expect between $5,000 to $50,000 for an investment minimum. It’s free to sign up for data and deal alerts. 

Pre-IPO investment platform memberships are free, but deal-specific minimum investment amounts may apply and vary.

Venture capital funds emerged in 2022 and are targeted at retail investors. Non-accredited investors are welcome to invest.

Fundrise Venture (review) is the most accessible for patient, long-term investors. It holds multiple AI and technology startups. U.S.-based investors can make their first investment for $10. 

However, Kraken is not a fund holding. But Fundrise has indicated that financial technology (fintech) companies will be a foundational target sector.

Check out our top pre-IPO investing platforms for the latest share availability. 

Please note: This is a testimonial in partnership with Fundrise. We earn a commission from partner links on AccessIPOs.com. All opinions are my own.

2. Buy during another crowdfunding campaign

Kraken conducted a crowdfunding campaign in 2019 that allowed more than 2,000 investors to invest more than $13 million. 

Crowdfunding remains a robust but somewhat untapped funding source for startups due to regulations. 

Kraken has not indicated it is short on cash or needs to raise funds. However, since it has done so before, another crowdfunding campaign is a possibility. Participation would likely be by invitation to existing customers. 

3. Buy during the Kraken IPO through a participating broker

As an online broker itself, Kraken may potentially be positioning itself to offer IPO access to its customers. Robinhood launched its IPO Access product alongside its own IPO, offering shares to customers.

Kraken could be doing the same, though we haven’t seen evidence of this development. We’ll monitor for clue in the news and the pending S-1 filing. 

When a company goes public, investors can sometimes buy the stock during the IPO at the IPO price. 

Before, only Wall Street’s top customers could invest in IPOs. But now, retail investors can access IPOs through participating discount brokers. 

Some online brokers (like the ones listed below) allow investors to invest in IPOs for free, even if they have limited funds in their accounts.

• TradeStation 
• Robinhood 

Brokers negotiate exclusive access to IPO shares. The chances of getting access to specific high-demand IPOs increase by the number of brokerage accounts you have. 

TradeStation has a longer track record of accessing IPOs and secondary offerings via its partnership with Click Markets.

Robinhood has the advantage of Silicon Valley networks and a history of getting allocations for high-profile IPOs.

Check out this list of best brokers for IPO investing to learn more about IPO access for retail investors.

4. Buy the stock after the Kraken IPO

Waiting for the IPO provides access to established financials after the initial quarter of trading, whereas pre-IPO investing has reduced transparency.

High-demand companies may be overvalued at the time of their public offering, selling shares near their peak. Share may be at risk of significant losses upon market corrections.

Despite high initial valuations, stock prices sometimes decline after the first and second-quarter earnings reports post-IPO. For example, Rivian and Robinhood dropped over 80% six months after their 2021 IPOs. 2021 was an anomaly but demonstrates the risk of chasing overvalued IPOs. 

While stock price declines can make good entry points for long-term buy-and-hold investors, watch out for lockup expirations and earnings discrepancies as they may impact price movements. 

Patience is essential. The most disruptive companies may perform better over time.

Frequently Asked Questions (FAQs)

Is Kraken Publicly Traded?

No. Kraken is not publicly traded. It is a private company.

Will Kraken Offer IPO Shares to Customers? 

Possibly. We haven’t found any evidence that it plans to. But with a potential $20 billion IPO at hand and a large customer base, we’d expect to see investment demand from customers. 

As of the confidential filing release date, there’s nothing to suggest they will offer IPO access to customers other than common sense. Customers make good long-term shareholders. 

What is the Kraken Stock Price?

A public Kraken stock price does not exist. It’s a private company.

As of November 2025, secondary marketplace shares of Kraken stock were trading at around $46 per share. 

What is the Kraken Stock Symbol?

There is no Kraken stock symbol because the company is private. The company may reserve a stock symbol while planning to file for an IPO. The reserved symbol will be revealed when the S-1 filing is released to the public.

Though private information regarding forthcoming IPOs typically leaks to the press, startup stock symbols are usually not confirmed until the filing. 

Here are a few Kraken ticker suggestions:

• KRKN
• PYWD
• KRK
• KRN

Where is the Kraken IPO S-1 Filing?

The Kraken S-1 filing has not been released to the public, and there is no indication of a confidential filing.

The document will become available if the company submits filings to the SEC and the regulatory commission approves and releases it to the public. 

We’ll post a copy of the S-1 filing on this page when it becomes available.  

You can monitor the most recent S-1 IPO filings on this website.

News Archive

09/25/2025: Kraken quietly closes $500M round
07/29/2025: Kraken seeks $500 million funding at $15 billion valuation
06/30/2025: Tokenized equities now available on Kraken
04/14/2025: Kraken expands beyond crypto into stocks and ETFs
03/24/2025: Kraken Explores Up to $1 Billion Debt Package
03/07/2025: Crypto Exchange Kraken Preparing for IPO in 2026
06/06/2024: Kraken Is in Talks for Pre-IPO Fund Raising Round
02/22/2024: Kraken Files to Dismiss SEC Lawsuit Against It
09/27/2023: Kraken Plans to Offer Trading in U.S. Stocks and ETFs
06/28/2023: How Kraken emerged as an oasis of growth in 2023
04/27/2023: Dave Ripley takes the helm as Kraken’s new CEO
04/08/2021: Kraken considers going public

Conclusion

Investors may be enthusiastic when they discover companies capitalizing on macroeconomic trends like cryptocurrency platforms and alternative currencies. 

Buying stock early on can be challenging for retail investors despite wanting to own the company.

Multiple pre-IPO platforms now provide more opportunities for investors. But venture capital investment is still primarily reserved for the ultra-wealthy, necessitating significant wealth to invest in seed and early funding rounds. The risks of owning pre-IPO stocks may outweigh the potential gains. 

When pursuing IPO shares and early equity in Kraken stock, have reasonable expectations. Shares may be unavailable or restricted. 

Invest in pre-IPO and IPO companies with caution. Good luck if the Kraken IPO is on your watch list.