Kraken CEO Says He'd Only Want to Go Public at a Valuation Above $10B

"We are certainly on track, though $10 billion dollars is a low valuation," said Powell. "I wouldn't be interested in issuing shares at that price."

AccessTimeIconMar 3, 2021 at 11:10 p.m. UTC
Updated Sep 14, 2021 at 12:21 p.m. UTC

Kraken co-founder and CEO Jesse Powell says his exchange may seek a public listing "sometime next year" but that there are "no guarantees."

Appearing on Bloomberg TV on Wednesday, Powell was asked whether he would take his company public at a $10 billion valuation.

"We are certainly on track, though $10 billion dollars is a low valuation," said Powell. "I wouldn't be interested in issuing shares at that price." Powell's statement comes as rival exchange Coinbase is being valued as high as $100 billion.

Kraken is in talks to raise new capital in a move that could see the company’s valuation soar to above $10 billion, as CoinDesk previously reported.

However, Powell added there was "no reason" to raise new capital except to accelerate company acquisitions.

Asked where bitcoin was headed and how investors should be looking at its current price, Kraken's CEO said there was "no reason to sell bitcoin."

"I think a lot of people are just waiting to buy the dip," said Powell. "I do think if you’re buying into bitcoin based on speculation you should be looking to hold over a five-year period."

CoinDesk attempted to contact Powell for additional comment but did not receive a response by press time.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Crypto Derivatives Exchange Bybit to Settle Options Contracts in USDC

The company will be using the second-largest stablecoin by market cap for its relative stability.

CoinDesk - Unknown
2
CoinDesk - Unknown
Polkadot Chief Gavin Wood Announces Blockchain Governance Upgrade

The platform's “Gov2” is set to launch on Kusama “imminently,” following a final professional audit of its code, he said.

CoinDesk - Unknown
3
CoinDesk - Unknown
What It’s Like to Work as a DAO Bounty Hunter

Meet "T Wells," a 30-something former educator who, in 2021, began working for “bounties” (or gigs) in the DAO ecosystem.

CoinDesk - Unknown
4
CoinDesk - Unknown
Luna (LUNA) vs. Luna Classic (LUNC): What Is the Difference?

After the implosion of the Terra network and its tokens, the community approved a plan to relaunch the project, leaving many confused about the new names. Here’s a guide to the two different Terra blockchains and which tokens belong to which.

CoinDesk - Unknown