Kraken co-CEO Arjun Sethi confirmed this week that the cryptocurrency exchange has filed for a U.S. initial public offering. The company aims to bring advanced, professional-grade trading strategies to everyday individual investors.<\/span><\/span><\/p>\n The journey to an IPO hasn’t been smooth, however. After initially drafting its S-1 registration statement last November alongside an $800-million raise that valued the company at $20 billion, Kraken’s overall valuation has taken a significant hit.<\/span><\/span><\/p>\n According to recent industry reports, Deutsche B\u00f6rse Group is investing $200 million for a 1.5% stake. This implies a revised valuation of $13.3 billion, a steep drop of over $6 billion.<\/span><\/span><\/p>\n More From Cryptoprowl:<\/strong><\/p>\n Less than a month ago, Kraken reportedly put its IPO on ice as a bitter “crypto winter” dragged the price of Bitcoin down 40% from the highs it reached in October.<\/span><\/span><\/p>\n However, the market appears to be improving of late, with Bitcoin rising recently — it reached a high of more than $76,000 on Tuesday. \u00a0While it’s still down around 15% for the year, the leading cryptocurrency has been showing signs that it might be in the early stages of a rally.\u00a0<\/span><\/span><\/p>\n Coinbase Global (NASDAQ: $COIN) is a key rival of Kraken’s, and it’s also been struggling this year, falling by 16% thus far. While Coinbase, which has a market cap of more than $50 billion, is known for offering a more simplified user experience and can be ideal for beginners, Kraken’s model focuses on traders with advanced trading features and low fees. \u00a0<\/span><\/span><\/p>\n