Co-CEO Arjun Sethi said that Kraken is financially strong, well-capitalized, and comfortable staying private, even as rivals like Gemini, Bullish, and Figure debut on public exchanges. In contrast, Grayscale is moving ahead with plans to go public, and recently filed a Form S-1 to list its shares on the New York Stock Exchange under the ticker GRAY. The filing comes as the SEC resumes normal operations after the very lengthy government shutdown. Grayscale’s pursuit of a listing forms part of the growing momentum among certain crypto companies, even as others — including Kraken and Ripple — are a bit more cautious about entering public markets.
Kraken Holds Back on IPO
Crypto exchange Kraken is taking a more measured approach to the idea of going public. This is despite the fact that a wave of crypto companies launched onto US markets thanks to improving sentiment and a friendlier policy environment.
Co-CEO Arjun Sethi made it clear in a recent interview with Yahoo Finance that Kraken feels no urgency to pursue an IPO, despite growing speculation that the company has been preparing for one. Reports dating back to mid-2024 suggested that Kraken was targeting an early-2026 debut, but Sethi explained that the firm is financially strong and perfectly comfortable remaining private for now.
According to Sethi, Kraken has “enough capital on our balance sheet today as a private company,” and pointed to its long-standing ability to manage risk without relying on public markets.
Crunchbase data shows that Kraken raised around $530 million since its launch in 2011, including a massive $500 million round last year that valued the company at $15 billion. Sethi said that while an IPO is still possible in the future, there’s no fear of missing out just because competitors are moving ahead with theirs.
The current rush toward public listings has been fueled in part by optimism under the Trump administration, which has taken a much friendlier stance toward the crypto sector. Recent IPOs include Gemini, Bullish, eToro, and blockchain firm Figure. One of the biggest successes so far has been Circle’s blockbuster IPO in June, which saw its shares skyrocket more than 160% on the first day. Sethi sees these early listings as beneficial in that they help educate public markets on crypto business models, margins, and profitability.
Sethi also addressed the recent downturn in Bitcoin’s price, which has slipped more than 22% from its October peak above $126,000. What matters more, he said, is the underlying thesis that drives long-term investment in Bitcoin, Ethereum, and other digital assets, particularly when compared to holding traditional currencies or equities.
Grayscale Pushes Ahead With IPO
Meanwhile, Grayscale Investments officially took a major step toward going public in the United States after filing a registration statement with the Securities and Exchange Commission (SEC) to list its Class A common stock on the New York Stock Exchange under the ticker GRAY.
The Form S-1 filing was submitted on Thursday, and it is a formal move into the US public markets, though the process is far from complete. As with most IPO filings, the registration must still become effective, which is a process that can take anywhere from several weeks to a few months depending on the SEC’s review timeline.
Grayscale’s Form S-1 filing with the SEC
The timing of the filing coincides with the SEC’s expected return to full operations after the 43-day government shutdown. Although companies were still able to submit documents during that period, the SEC was not operating with full capacity and could not move forward with approvals for IPOs or investment products.
Grayscale’s latest public filing arrives roughly four months after the company confidentially submitted an earlier draft of its IPO paperwork. According to financial data included in the registration, Grayscale reported a year-over-year dip in net income of about $20 million, falling from $223.7 million in September of 2024 to $203.3 million in September of 2025.
Grayscale’s decision comes during a year in which several crypto-related companies have weighed or pursued public listings, while others have taken a more cautious stance. Ripple Labs recently stated that it has no plans to go public despite resolving its long-running legal battle with the SEC and reporting strong revenues. As mentioned above, Kraken is also in no rush.
Meanwhile, Gemini, led by Tyler and Cameron Winklevoss, successfully made its Nasdaq debut in September, only three weeks after submitting its Form S-1. Overall, some crypto firms are taking a chance in public markets as an opportunity, while others are still a bit hesitant despite growing investor appetite.
