Kraken IPO Plan Signals Fresh Mid‑Cycle Push for Crypto

Group 1 - Kraken aims to list its shares on a US stock exchange as early as Q1 2026, joining other crypto firms like Coinbase and Gemini in public markets [1][2] - The company is finalizing a $500 million pre-IPO round, targeting a valuation of $15 billion, indicating a significant increase from its 2022 valuation [1] - In 2025, crypto firms completed approximately $8.6 billion in mergers and acquisitions, highlighting continued investment in crypto infrastructure despite stagnant token prices [3] Group 2 - The IPO of Kraken is seen as a potential catalyst for a new crypto market cycle, characterized by traditional financial institutions engaging more seriously with the crypto sector [2][5] - Other crypto-related companies, such as Circle and Gemini, have also gone public, providing retail investors with opportunities to invest in the companies behind crypto operations rather than just the cryptocurrencies themselves [4] - The listing of large exchanges like Kraken signals to traditional investors that the crypto market is here to stay, enhancing confidence among institutional investors due to increased transparency and regulatory compliance [6]