Kraken rethinks direct listing plan following Coinbase's lackluster performance
June 11, 2021. Summarized by summa-bot.
Compression ratio: 21%. 1 min read.
Kraken CEO Jesse Powell told Fortune that the crypto exchange is looking at an IPO more seriously now in light of COIN’s performance after its direct listing on April 14.
Speaking with Fortune on June 11, Powell stated that in light of the performance on Coinbase’s direct public offering, the firm is now considering an initial public offering (IPO) more “seriously now,” as the firm is looking to avoid potential issues a direct listing presents:
Powell then followed that up in April with a timeline suggesting the firm was potentially looking to go public sometime in 2020, and told Cointelegraph that its public listing would be “too big” to go via the route of a special purpose acquisitions company (SPAC).
The roadmap is still not entirely clear, with Powell stating in the interview with Fortune that “we'll see how the market looks in the second half of next year,” before deciding on which method to take for a public listing.