Kraken is going public. This well-known cryptocurrency exchange has partnered with Tribe Capital and Natural Capital to submit a listing application to the SEC through a special purpose acquisition company (SPAC). The funding target is substantial — planning to raise $250 million through an IPO, with a price of $10 per share, issuing a total of 25 million shares.

What does this mean? Kraken is officially initiating the process of listing on the US stock market. For an exchange that has been operating in the crypto market for years, this is a key milestone. Going public via a SPAC is faster than the traditional IPO process, which also reflects considerations of the project's fundraising efficiency.

From a market perspective, the trend of compliance and securitization among crypto exchanges is becoming increasingly evident. As regulatory frameworks become clearer, leading platforms like Kraken choosing to enter the traditional financial markets also indicate that the industry's institutionalization process is accelerating. For investors, these financing developments are worth paying attention to — they often signal the direction of industry growth.