Coinbase rival Kraken could go public next year after a surge in bitcoin trading volumes

Coinbase rival Kraken could go public next year after a surge in bitcoin trading volumes

Kraken is considering a stock market listing next year after the crypto exchange saw record bitcoin trading volume in the first quarter of 2021, CNBC reported on Thursday.

"We're looking at being able to go public sometime next year," Kraken CEO Jesse Powell told CNBC. "It would probably be a direct listing, similar to Coinbase."

Kraken saw a massive boost from bitcoin hitting an all-time high of $61,725 in mid-March, Powell said, as a number of institutional investors piled into the space. He said any volatility is good for the company, but is even better when prices are going upwards.

Four times as many users signed up to Kraken in the first quarter than did in the second half of 2020, according to CNBC. Spot transaction volumes hit a record $160 billion in the same timeframe, or about 1.5 times higher than last year.

"The first quarter just completely blew away the entirety of last year," Powell said, adding that the company beat last year's numbers by the end of February and the whole market "really just exploded." The total value of the cryptocurrency market exceeded $2 trillion this week after doubling in just two months.

Kraken is currently in talks with investors about another