Kraken filed to go public Wednesday, the cryptocurrency exchange said, just hours after announcing a massive fundraising round valuing the company at $20 billion.

The company said it confidentially submitted a draft S-1 registration form with the SEC to make an initial public offering (IPO) on Wall Street. Kraken said it has not yet determined the number of shares it plans to offer, nor the anticipated price range for those shares.

The move has been widely anticipated since March, when the SEC, under the Trump administration’s control, dropped a lawsuit against Kraken over its staking services.



In the following months, reports circulated that the crypto exchange was aiming to raise hundreds of millions of dollars ahead of a public offering. On Tuesday, the deal materialized: a whopping $800 million fundraising round, led by major traditional finance players including Ken Griffin’s Citadel, which valued Kraken at $20 million.

Editor's note: This story is breaking and will be updated with additional details.

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