The head of the Kraken crypto exchange Jesse Powell said that his team is not abandoning plans to attract investments in the stock market.
The company was tasked with listing on one of the traditional exchanges as early as 2022. Previously, Dan Held, representing the Kraken administration, told reporters about this.
Now, the CEO of the cryptocurrency platform has confirmed these dates and said that an initial public offering (IPO) would be a better option for Kraken. Initially, the only direct listing was considered.
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Powell stressed that usually after the listing, shareholders begin to sell the issuer’s securities, which increases the pressure on the market and leads to a price rollback. In this regard, an IPO will be the preferred option for us, Powell said, adding that the Kraken team analyzed the implications of a direct listing of Coinbase on the Nasdaq stock exchange.
Recall that the crypto company Coinbase went public this spring. Trading in its shares started on April 14th.
Now the price of one share of the company is about $ 224, at the peak, they traded at $ 429. The company abandoned its IPO and placed previously issued securities on the Nasdaq, which helped to reduce the costs associated with the services of investment banks.