Kraken CEO Says He’d Only Want to Go Public at a Valuation Above $10B

Kraken exchange company-cum-financial institution’s Co-Founder as well as its CEO, Jesse Powell, says his firm will be enlisted as a public company in the coming year. However, the decision of going public is still not confirmed, told Powell.

Jesse Powell, CEO of Kraken has announced that the company may be enlisted for public company in the coming year. However, he has told further that the decision of going public isn’t a foregone conclusion. It may or may not opt to go public but will be clarified in the times to come, said Powell.

Powell was invited for an interview call at Bloomberg on 3rd March, in which he discussed about company’s future. He was asked to share his point of view regarding the company’s going public. In his response he suggested that the company is considering the idea of going public, however, it is not final.

The interviewer then asked him if the valuation of Kraken goes above US$ 10 Billion, even then it would not go public? In response to this question, he responded that the valuation of US$ 10 Billion is an average value and is much lower than what the company expects. He also stated that in no way the company would ever trade its shares for such a meager amount.

His interview was later on highlighted in the local media and online community which gave rise to a competition. The sole competitor that came into the limelight was the world’s leading crypto trading exchange, Coinbase. It was determined by Coinbase that their share value has gone past the US$ 100 Billion mark which is currently the highest in the crypto space.

Whereas contrary to Powell’s statement, Kraken’s co-founder said in the same interview that the company should move towards raising its new capital over and above $10 billion. He stated that they should do the same as has been done by Coinbase.

But later on, after the interview, Power was reportedly found stating that there is no need to raise any capital for the time being. Instead, they need to ensure that the acquisitions of the company are carried out at an accelerated pace.

As regards Bitcoin, Powell commented that the value of Bitcoin is still lower than its original potential. He said that investment into Bitcoin nowadays would guarantee huge rates of returns in the long and short-run as well. He advised that those who are possessing Bitcoins should wait and need not sell their coins. According to him, Bitcoin’s value in the coming year would be enormous and that would be the time of disposing off Bitcoins.

He thinks that already too many institutions have joined Bitcoin and there is still a lot to come. This will only boost Bitcoin’s value and therefore long term holding strategy would be the best course of action.