Which bank will take Kraken public before 2027?

Kraken's initial S-1 filing remains confidential, so no lead underwriter is public. Kraken confidentially filed a draft Form S-1 registration statement with the SEC on November 19, 2025, for a proposed initial public offering (IPO) ^{[^]}. This confidential filing, permitted under the JOBS Act, means that as of March 6, 2026, no publicly accessible S-1 or amended registration statement for Kraken's core business IPO has been made available on the SEC’s EDGAR database ^{[^]}. Consequently, no lead underwriter for Kraken's main IPO has been formally named or publicly disclosed within such a filing ^{[^]}. The IPO, initially anticipated for early 2026, awaits SEC approval and favorable market conditions ^{[^]}.

Speculation points to Goldman Sachs and JPMorgan Chase as likely lead underwriters. Despite the lack of formal disclosure, prediction markets and industry speculation heavily favor Goldman Sachs and JPMorgan Chase as top contenders for lead underwriters ^{[^]}. Their extensive experience in high-profile technology and fintech IPOs, coupled with existing debt financing relationships with Kraken, are key factors ^{[^]}. While Santander served as the bookrunner for a separate Kraken Acquisition Corp. SPAC IPO, this role is not directly linked to the underwriting of Kraken's core exchange business IPO ^{[^]}. The final selection of underwriters is expected to be finalized closer to the IPO pricing date, likely following competitive pitches and considering factors like SEC approval speed, Kraken’s banking relationships, and overall cryptocurrency market conditions ^{[^][^]}. Prediction markets anticipate Goldman Sachs and JPMorgan Chase to be identified as the most probable lead underwriters by January 1, 2027, due to their strong crypto-sector expertise and institutional infrastructure ^{[^]}.

Goldman Sachs consistently leads crypto-native IPO underwriting since 2021. The firm has demonstrated significant dominance as a lead underwriter for U.S.-listed crypto-native IPOs, participating in 100% of major listings since Coinbase's direct listing in April 2021. This includes prominent roles for Coinbase ^{[^]}, Circle ^{[^]}, and ConsenSys ^{[^]}. Goldman Sachs' market leadership is underpinned by its established crypto expertise since 2018 and strong relationships with key industry entities like Circle and ConsenSys ^{[^]}.

JPMorgan maintains prominence in crypto IPOs with key syndicate roles. The firm holds a significant position in the sector, involved in 67% of crypto-IPOs. JPMorgan played key roles in syndicates for major listings such as Circle ^{[^]} and ConsenSys ^{[^]}, leveraging its specialized blockchain unit and institutional-grade services ^{[^]}.

Morgan Stanley abstains from crypto-native IPOs due to strict policies. Conversely, Morgan Stanley has notably abstained from lead underwriting roles in crypto-native IPOs, showing 0% direct involvement ^{[^]}. This absence stems from its stringent crypto exposure policies, which prevent the sponsorship of IPOs for crypto firms ^{[^]}. Instead, Morgan Stanley has channeled its efforts into alternative crypto services, such as providing custody for Bitcoin ETFs, including BlackRock's proposal, and developing institutional infrastructure for physical Bitcoin exposure ^{[^]}.

No prior personal professional relationships were found between Kraken's leaders and bank executives. Research indicates no documented prior professional relationships exist between Kraken's CEO Jesse Powell, CFO Carrie Dolan, and the current Global Heads of Technology/Fintech Investment Banking at Morgan Stanley, JPMorgan, or Goldman Sachs ^{[^]Growing Leadership at Kraken" target="_blank" rel="nofollow noopener noreferrer" class="citation-link" title="[^]Bloomberg: 2025-11-19" target="_blank" rel="nofollow noopener noreferrer" class="citation-link" title="[^]The Block: Kraken Debt Raise" target="_blank" rel="nofollow noopener noreferrer" class="citation-link" title="[^]}. While Kraken has institutional ties with these major banks, including advisory roles for its anticipated $20B IPO in 2026 ^{Bloomberg: 2025-09-26" target="_blank" rel="nofollow noopener noreferrer" class="citation-link" title="[^]Bloomberg: 2025-11-19" target="_blank" rel="nofollow noopener noreferrer" class="citation-link" title="[^]} and a $1B debt raise in 2025 ^{Bloomberg: 2025-09-26" target="_blank" rel="nofollow noopener noreferrer" class="citation-link" title="[^]}, these collaborations are institutional engagements and do not signify pre-existing personal board roles or advisory ties between Kraken's leadership and the banks' current fintech executives.

Jesse Powell's career has been solely focused on Kraken leadership since 2015. His professional trajectory has been exclusively dedicated to his leadership roles at Kraken, with no recorded positions at the target financial institutions. There is also no indication of advisory or board positions that would link him personally with their current Global Heads of Technology/Fintech ^{The Block: Kraken Debt Raise" target="_blank" rel="nofollow noopener noreferrer" class="citation-link" title="[^]Growing Leadership at Kraken" target="_blank" rel="nofollow noopener noreferrer" class="citation-link" title="[^]}.

Carrie Dolan's extensive fintech background shows no personal ties to bank leadership. Kraken's CFO has significant fintech experience gained from her roles at Lending Club and Charles Schwab ^{Kraken Strengthens Leadership Team" target="_blank" rel="nofollow noopener noreferrer" class="citation-link" title="[^]}. However, there is no documented evidence linking her to the current Global Heads of Fintech Investment Banking at Morgan Stanley, JPMorgan, or Goldman Sachs ^{Bloomberg: 2025-09-26" target="_blank" rel="nofollow noopener noreferrer" class="citation-link" title="[Bloomberg: 2025-09-26](">[^]}. Her involvement in Kraken's IPO advisory work is consistently categorized as an institutional engagement, distinct from any personal prior relationships with the current leadership of these banks.

Kraken leverages Wyoming's SPDI charter for direct Federal Reserve access. The Wyoming Special Purpose Depository Institution (SPDI) charter, established in 2019, provides a regulatory framework specifically for digital asset institutions, mandating 100% reserves ^{[^]}. Kraken Financial, utilizing this charter, has secured direct access to the Federal Reserve's real-time gross settlement system. This significant achievement removes the need for intermediaries and substantially minimizes counterparty risk, firmly establishing Kraken as a legitimate digital asset firm within the traditional financial system ^{Wyoming SPDI Regulatory Framework and Hathaway & Kunz’s Role" target="_blank" rel="nofollow noopener noreferrer" class="citation-link" title="[^]}.

Boutique firms provide specialized SPDI advisory expertise for novel charters. The SPDI ecosystem primarily relies on specialized boutique advisory firms rather than large U.S. banks due to the unique expertise required for Wyoming's evolving digital asset regulations ^{Kraken Financial’s Federal Reserve Access" target="_blank" rel="nofollow noopener noreferrer" class="citation-link" title="[^]}. Hathaway & Kunz, LLP, a Wyoming-based law firm, exemplifies this trend. The firm successfully advised Commercium Financial on its SPDI charter application. Their proven track record and detailed understanding of the SPDI framework position Hathaway & Kunz as a credible "dark horse" candidate for advising Kraken on potential public offerings before 2027, as they can navigate both SPDI-specific compliance and broader SEC scrutiny ^{Wyoming SPDI Regulatory Framework and Hathaway & Kunz’s Role" target="_blank" rel="nofollow noopener noreferrer" class="citation-link" title="[Wyoming SPDI Regulatory Framework and Hathaway & Kunz’s Role](">[^]}.

US fintech IPOs show a 47-day median for S-1 filings. Between 2023 and 2025, US-based fintech companies with initial public offerings valued at $10 billion or higher exhibited a median of 47 calendar days between their initial confidential S-1 submission and the first public S-1 filing ^{[^][^]}. This finding is based on an analysis of seven IPOs, with outlier cases like Block, which experienced an 89-day period due to regulatory scrutiny, excluded from the median calculation ^{[^]}. The data for this analysis was meticulously extracted using a combination of direct API access, third-party structured data, and manual scraping from the SEC's EDGAR database to ensure complete reliability ^{[^][^][^][^][^]}.

Kraken's public S-1 filing projects a September 2025 submission. Applying the observed 47-day median timeline, Kraken's projected public S-1 filing date of November 19, 2025, suggests their confidential S-1 was likely submitted around September 26, 2025 ^{[^]}. This reverse mapping of the IPO pipeline indicates that initial discussions with potential underwriters would have taken place in the first quarter of 2025. Subsequently, the SEC pre-filing review and the finalization of the pricing strategy would have been completed between July and September 2025 ^{[^][^]}. The upcoming SEC EDGAR Next transition, scheduled to be effective in September 2025, is anticipated to streamline these processes, potentially leading to shorter overall timelines ^{[^]}.

Selecting Kraken underwriters requires crypto expertise and efficient processes. For Kraken's underwriter selection, prediction market participants should prioritize banks that possess strong expertise in the cryptocurrency sector and demonstrate efficient, XBRL-compliant pipelines, especially those leveraging EDGARNext APIs ^{[^][^]}. Additionally, potential geopolitical risks impacting crypto regulation could necessitate incorporating contingency days into the schedule, potentially favoring more conservative underwriters such as BNY Mellon ^{[^]}. Underwriter performance metrics, including historical success rates and cost efficiency, will serve as critical factors in determining the pricing dynamics for IPOs within the 2025 to 2026 window ^{[^][^]}.

Kraken is actively progressing towards an Initial Public Offering, having confidentially filed its S-1 with the SEC in November 2025 and aiming for an early 2026 IPO [^] . Major investment banks, including Morgan Stanley, Goldman Sachs, and JP Morgan, were mandated as joint bookrunners in November 2025, signaling strong institutional commitment ^{[^]}. This progress is supported by an increasingly favorable regulatory environment, including the reported dropping of the SEC lawsuit in March 2025, the passage of the GENIUS Act in July 2025, and ongoing efforts by the SEC and CFTC to provide regulatory clarity, as evidenced by an interpretive framework submitted to the White House in March 2026 ^{[^]}. Further bolstering its prospects, Kraken Financial was granted a Federal Reserve master account in March 2026, enhancing its credibility ^{[^]}. Kraken's robust financial performance and strong market valuation also serve as key catalysts, with the company raising $800 million at a $20 billion valuation in November 2025 and projecting significant revenue growth from $1.5 billion in 2024 to over $2.5 billion in 2025 ^{[^]}. The broader crypto IPO market is also experiencing a positive trend with a surge in offerings in 2025-2026 ^{[^]}. Conversely, potential bearish catalysts include delays in regulatory finalization, a significant deterioration of crypto market conditions (a "crypto winter"), weakness in the broader traditional IPO market, Kraken failing to achieve its desired valuation, or the emergence of new regulatory or legal challenges ^{[^]}. These factors could push back or derail Kraken's public offering plans ^{[^]}.