2021-3-5 19:14 |
Kraken is “on track to go public,” says Jesse Powell, founder and Chief Executive Officer of cryptocurrency exchange.
In an interview with Bloomberg, Powell revealed that they had seen a lot of interest from the people to invest in the company. He said,
“We're certainly on track to go public. We've had a lot of inbound interest in financing and people buying shares in the company.”
“So we're talking to a lot of interested parties. We may end up doing primary financing. The company is cash flow positive. We've got a very strong balance sheet. There's not really a reason to raise new capital other than possibly to accelerate the pace of acquisitions.”
Last week, it was reported that Kraken is in talks to raise new funding from firms including Fidelity, General Atlantic, and Tribe Capital that could more than double the company’s valuation to over $10 billion, and if there’s demand even surpass $20 billion. But according to the CEO, this is a very low valuation, and he isn’t interested in going public at these numbers.
“Personally, I think $10 billion is a low valuation. I wouldn't be interested in selling shares at that price.”
The leading US exchange, Coinbase, which is going the direct listing route to go public, has got a valuation of $100 billion. In the past 24 hours, Coinbase Pro recorded nearly $2.8 trading volume while Kraken did $1.6 billion, as per Coinmarketcap.
In 2019, Kraken raised $13 million from investment platform BnktotheFuture at a roughly $4 billion valuation.
Kraken is exploring the possibility to go public, but that won’t be happening this year, “possibly next year,” Powell shared.
While the company has SPACs, blank check companies, “lined up around the corner beating down our door looking to do something with us,” Powell said, that’s an unlikely possibility for the exchange, “given the size of the company relative to the size of the SPACs.”
“We'll probably do a direct listing hopefully sometime next year. But no guarantees.”
The post Kraken ‘on Track to Go Public’ Next Year, But Not at A Billion Valuation says CEO first appeared on BitcoinExchangeGuide.Similar to Notcoin - Blum - Airdrops In 2024
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