Top crypto exchange Kraken is in discussions for a final funding round before going public. 

Kraken is looking to raise around $100 million ahead of launching an initial public offering (IPO), according to Bloomberg’s sources. People familiar with the matter suggest that Kraken could conclude the funding round by the end of the year.

A Kraken spokesperson declined to comment on the matter when contacted by crypto.news. 

Kraken is a crypto titan with a long history of servicing the nascent industry and spearheading advancement. However, given unresolved legal tension, it’s unclear what its latest fundraising efforts might yield.

Specifically, the U.S. Securities and Exchange Commission (SEC) sued Kraken last year for allegedly commingling client assets with corporate funds and operating an unregistered securities exchange. The company denied the allegations and is currently fighting the SEC, along with industry colleagues like Coinbase, which face similar allegations.

Kraken and crypto companies target bigger balance valuations

A few American-based crypto companies plan IPOs as regulatory winds shift in the U.S. ahead of the winter presidential elections. In January, stablecoin issuer Circle filed its IPO after a previously failed attempt through a special purpose acquisition company (SPAC) agreement. 

While not a crypto-native company, social network Telegram has accrued a blockchain spotlight for its affiliations with The Open Network (TON). The platform also has an IPO in the works.