BusinessCointelegraph.comCryptocurrency ExchangeDirect listingInvestmentsIPOKrakenUnited States

Crypto exchange Kraken says it is ‘too big’ to go public through a SPAC

A spokesperson recently said “$10 billion would be a low valuation” for Kraken.
San Francisco-based crypto exchange Kraken has not yet confirmed that it will follow in Coinbase’s footsteps by pursuing a public listing, though the company did rule out the possibility of doing so via a special-purpose acquisition company.In a written statement to Cointelegraph, Kraken said it would pursue a direct listing in the event the exchange decided to go public in the United States. This follows speculative reporting from Fox Business’ Charles Gasparino, who yesterday claimed that Kraken was considering “going public possibly through a SPAC or IPO.”“If Kraken would decide to go public, it would do so through a direct listing and not through a SPAC as we are too big to go that route,” said a Kraken representative. “Kraken is not planning to seek a public listing this year, but might consider going public next year. At this point no decision has been made.”Special-purpose acquisition companies, or SPACs, are companies already listed on a stock exchange that could acquire a privately-held firm like Kraken, essentially bypassing the traditional initial public offering route. Yesterday, crypto-friendly trading platform eToro said it would be pursuing this path of going public with FinTech Acquisition Corp V acting as a SPAC. In contrast, initial public offerings, or IPOs, require companies to file with the U.S. Securities and Exchange Commission and issue shares themselves. Coinbase is reportedly going the IPO route with an estimated valuation of up to $100 billion. …
Story continues on Cointelegraph

Related posts
BitcoinBusinessmorganstanley

Morgan Stanley to Offer Bitcoin to Their Richest Investors

After staying safely on the sidelines of the crypto bull-run, Morgan Stanley has decided it was now time to invest in Bitcoin. Morgan Stanley Finally Makes a Move With the help of Galaxy Digital and NYDIG, Morgan Stanley will now…
Bitcoin.comBitmexcourt caseCourt Filingcrypto exchangeIllegal Activitymoney launderingNewsUnited StatesUnited States District Court

Bitmex Cofounder Ben Delo Surrenders to US Authorities— Arthur Hayes to Follow in April

Legal issues with crypto exchange Bitmex’s cofounders still make the headlines. Benjamin Delo surrendered to the U.S. authorities, and Arthur Hayes agreed to make the same maneuver in April. Delo Released on a $20M Bail Bond According to Bloomberg, Bitmex’s…
Cointelegraph.comEthereumlawNFTregulationTaxesUnited States

US-based crypto users likely still have to pay taxes on NFTs, says CNBC

“If you exchange crypto for any other asset, you immediately recognize a capital gain or loss,” said Robert Frank. Tax season is almost upon crypto users based in the United States, and even if they plan on keeping their assets…