Kraken boss Arjun Sethi says company won't 'race to the door' to get an IPO done

Core Insights - Kraken, a major US crypto exchange, is not rushing to go public despite the trend among other crypto firms [1][2] - The company has raised significant private capital, recently securing $500 million at a $15 billion valuation and is considering another round at a $20 billion valuation [3] - Kraken reported a substantial increase in revenue, doubling to $648 million in the third quarter compared to the previous year [4] Company Overview - Kraken, formally known as Payward Ventures, has been operational since 2011 and has only taken $27 million in primary outside capital until recently [2] - The company is cautious about going public, emphasizing the importance of market education from other firms' IPOs [2] Financial Performance - In the third quarter, Kraken's trading platform recorded $562 billion in transaction volume [4] - The company is currently evaluating a potential funding round between $200 million and $300 million [3] Industry Context - Other crypto firms, including Circle and Gemini, have entered the IPO market but have faced stock price declines due to recent corrections in crypto valuations [5][6] - The overall IPO landscape is affected by external factors such as the US government's shutdown, which has slowed the process for companies working with the SEC [7]