August 12, 2022

Crypto exchange Kraken says it is ‘too big’ to go public through a SPAC

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San Francisco-based crypto exchange Kraken has not yet confirmed that it will follow in Coinbase’s footsteps by pursuing a public listing, though the company did rule out the possibility of doing so via a special-purpose acquisition company.

In a written statement to Cointelegraph, Kraken said it would pursue a direct listing in the event the exchange decided to go public in the United States. This follows speculative reporting from Fox Business’ Charles Gasparino, who yesterday claimed that Kraken was considering “going public possibly through a SPAC or IPO.”

“If Kraken would decide to go public, it would do so through a direct listing and not through a SPAC as we are too big to go that route,” said a Kraken representative. “Kraken is not planning to seek a public listing this year, but might consider going public next year. At this point no decision has been made.”

Special-purpose acquisition companies, or SPACs, are companies already listed on a stock exchange that could acquire a privately-held firm like Kraken, essentially bypassing the traditional initial public offering route. Yesterday, crypto-friendly trading platform eToro said it would be pursuing thisTitle: Crypto exchange Kraken says it is ‘too big’ to go public through a SPAC
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Published Date: Wed, 17 Mar 2021 18:15:00 +0000