emergencyBreaking NewsSimsbury and Cheshire home values converge at $525,000Drift Protocol shifts to Tether settlement after Circle refused to freeze stolen USDCBitwise Avalanche ETF Locks 70% of Assets to Generate 5.4% RewardsStablecoin Yield Rules Near Resolution in Crypto Bill as U.S. Crypto Legislation Approaches Final StageRetroactive Tax Cuts Raise Average Refund to $3,521Simsbury and Cheshire home values converge at $525,000Drift Protocol shifts to Tether settlement after Circle refused to freeze stolen USDCBitwise Avalanche ETF Locks 70% of Assets to Generate 5.4% RewardsStablecoin Yield Rules Near Resolution in Crypto Bill as U.S. Crypto Legislation Approaches Final StageRetroactive Tax Cuts Raise Average Refund to $3,521
DoiDoi
Credit & Lendingexpand_more
Credit CardsPersonal LoansStudent Loans
Markets & Investingexpand_more
Stocks & ETFsCrypto & BlockchainFed & Macro
Retirement & Benefitsexpand_more
401(k) & IRASocial SecurityRetirement Policy
Real Estateexpand_more
Mortgage RatesHousing Market
Financial Foundationexpand_more
Budgeting & SavingInsurance
Latest News
MarketsPortfolio
The Digital Ledger
Credit & Lending
Markets & Investing
Retirement & Benefits
Real Estate
Financial Foundation
Latest News
Dashboards

Institutional Financial Analysis

Home/Markets & Investing/KRAKEN · SEC RETAIL INVESTOR RULE

Kraken's IPO push reveals a $6.7 billion valuation drop

SS

Sloane Sterling

Kraken · Apr 17, 2026

Kraken's IPO push reveals a $6.7 billion valuation drop

Source: DojiDoji Data Terminal

Investors in Kraken's upcoming public offering will face a company valued at $6.7 billion less than its peak. This valuation is based on a $200 million secondary transaction where Deutsche Börse acquired a 1.5% fully diluted stake in Payward, Inc., Kraken's parent company. The deal implies a current market value of $13.3 billion.

Related Brief3d ago
venture capital

Kraken’s $13.3 Billion Valuation Reveals a 33% Markdown in Exchange Pricing

Kraken is now valued at $13.3 billion, a 33% markdown from the $20 billion valuation the exchange commanded during its November 2024 funding round. This figure was established by Deutsche Börse Group's $200 million investment in Payward Inc., Kraken's parent company. The transaction, which is expected to close in the second quarter of 2026 subject to regulatory approval, gives the Frankfurt-based stock exchange operator a 1.5% fully diluted ownership stake via a secondary market transaction. The investment cements a commercial partnership first announced in December 2025 to build a hybrid market infrastructure for traditional and tokenized assets. Kraken had originally planned a public listing for 2026, but the company has suspended those plans indefinitely, citing unfavorable market conditions.

This figure represents a 33% decline from the $20 billion valuation Kraken achieved in November 2025, when it raised $800 million from institutional investors including Citadel Securities, Jane Street, and Apollo Global Management. The IPO effort had stalled in March after bitcoin dropped roughly 40% from its October peak, souring investor sentiment.

Related Brief1d ago
cybersecurity

Kraken Refuses Ransom After Insider Breach Exposes 2,000 Accounts

Two thousand Kraken clients face the risk of their private data being leaked on social media. The exposure occurred after two support employees were recruited by a cybercrime group to gain improper access to internal systems. These employees recorded videos of internal systems containing client support data for 2,000 accounts, or 0.02% of the user base. Kraken revoked employee access and strengthened controls following a tip in February 2025. A criminal group subsequently threatened to release the videos to media outlets and social media unless payment was made. Kraken refused to pay or negotiate with the ransom demands. A criminal investigation is underway to identify and arrest the responsible individuals. 2,000 clients face the risk of their private data being leaked on social media.

Payward submitted a confidential draft Form S-1 with the Séc on Nov. 19, 2025. Co-CEO Arjun Sethi confirmed on April 14, 2026, that the IPO filing remains active. The company reported $2.2 billion in adjusted revenue for 2025.

Related Brief2d ago
central banking

Kraken cuts out bank intermediaries with first crypto Fed master account

Kraken can now move money faster and more cheaply by cutting out bank intermediaries. The Kansas City Fed granted the crypto exchange's Wyoming banking arm a limited-purpose master account for one year, allowing it to access the wholesale payments system Fedwire. This access lets Kraken move funds directly via the Fed's payment rails and hold limited balances overnight. Unlike most accountholders, Kraken cannot earn interest on reserve balances, access emergency Fed lending, or use the FedNow and ACH payment systems. The account will initially serve wholesale clients.

To transition into a broader financial platform, Kraken acquired NinjaTrader and Small Exchange and secured a master account with the Federal Reserve’s Kansas City branch for direct dollar settlement via Fedwire. It has also partnered with Nasdaq to develop infrastructure for tokenized stocks and ETFs.

Related Brief2d ago
cryptocurrency regulation

The U.S. Crypto Framework Is Taking Shape—But Not Through Law

U.S. crypto firms must operate under SEC and CFTC interpretive guidance without the legal certainty of enacted legislation or final rules. In March 2026, the SEC issued an interpretive release aligning crypto assets with the proposed Clarity Act framework. The release classified digital commodities, collectibles, and tools as non-securities, while tokenized securities remain subject to SEC regulation. The SEC and CFTC jointly recognized that some digital assets can evolve from securities to commodities over time. The interpretive release filled regulatory gaps ahead of expected passage of the Clarity Act. The Clarity Act, which would assign jurisdiction over hybrid crypto assets to the CFTC, remains stalled in the Senate Banking Committee. The bill's delay centers on whether stablecoin issuers can offer interest payments, a provision seen as potentially diverting funds from traditional bank savings accounts. No formal crypto regulatory framework exists in the U.S. as of March 2026, only anticipated alignment through agency guidance.

Payward will be required to make its S-1 registration statement public a few weeks before its initial public offering.

Related BriefJust now
tax law

Retroactive Tax Cuts Raise Average Refund to $3,521

The average tax refund reached $3,521 as of the week ending March 27, an 11.1% increase over the same period last year. The IRS issued more than 62 million refunds totaling approximately $222 billion through late March. This increase follows retroactive tax cuts under the One Big Beautiful Bill Act, signed by President Donald Trump on July 4, 2025. The law expanded standard deductions and increased the Child Tax Credit. It also created new tax deductions for tipped income through 2028, overtime pay under the Fair Labor Standards Act, and adults aged 65 and older. Seniors receive an additional $6,000 deduction through 2028, which provides annual savings of roughly $1,100 for those earning between $80,000 and $130,000. Families with homeschooling children can now spend $10,000 per year per child tax-free from 529 education savings accounts. The act establishes a $1,000 Treasury deposit for babies born between Jan. 1, 2025, and Dec. 31, 2028. The IRS issued $222 billion in refunds.

KrakenSEC retail investor ruleinsider trading SEC chargecommercial real estate distressSEC enforcement actionRipple XRP SECcrypto IRS rulingcrypto money laundering enforcementSEC ESG enforcementpayment for order flow SECSEC crypto enforcementcrypto exchange hack

The Ledger Morning

The essential intelligence to start your trading day. Delivered 6:00 AM EST.

Join 50,000+ professionals who start their day with The Digital Ledger.

No spam. Unsubscribe anytime.

Read More Analysis

Ripple XRP SEC

White House study removes bank stability defense for stablecoin yield ban

Digital asset platforms may be prohibited from offering yield or rewards on stablecoin holdings. This outcome depends on…

HSA eligibility IRS ruling

American Express creates a liability shield for autonomous AI agent purchases

Eligible cardholders are now protected from financial losses resulting from AI agent mistakes. This coverage is provided…

DoiDoi

© 2026 DojiDoji. All rights reserved.

EditorialEditorial GuidelinesCorrections
LegalPrivacy PolicyTerms of Service
DisclosureSEC DisclosuresAd Choice
SocialX (Twitter)LinkedIn