Kraken has raised $800 million across two funding rounds at a $20 billion valuation, signaling strong institutional backing and a plan to expand globally and develop regulated products.

As part of the collaboration, Citadel Securities will provide differentiated liquidity, risk management, and market-structure insights.

Several prior investors from the September round include Jane Street, DRW, HSG (formerly Sequoia Capital China), Oppenheimer, Tribe Capital, and Arjun Sethi’s family office.

Regulatory and political factors are cited as drivers for urgency in pursuing an IPO, with positive signals from political figures and recent legislation affecting stablecoins.

Ripple Labs remains undecided about an IPO with no public timeline as of November.

The funding and IPO timing considerations come amid a dip in crypto prices and uncertainty around future U.S. interest-rate cuts, creating a cautious market mood.

The story notes ongoing regulatory and market developments, including anticipated IPO timing and Kraken’s strategic growth goals.

The article cautions that crypto presales are high risk with no guaranteed returns.

Investors remain enthusiastic about crypto platforms despite macro headwinds and continued regulatory scrutiny as the sector pushes toward mainstream acceptance.

U.S. listing plans gain momentum amid supportive policy signals, including considerations around stablecoins and related legislation aligned with a pro-crypto stance.

Even with fundraising momentum, Kraken is not rushing an IPO and remains prudent amid a weak market for crypto firms.

Kraken filed a confidential draft Form S-1 with the SEC as part of potential public listing plans; details like share count and ticker would come in a later public filing after review.

This move reflects a broader trend of crypto firms pursuing U.S. public listings, alongside Circle and Gemini.