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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.