Kraken Says It Is 80% Ready for IPO With MoneyGram

kraken says it is about 80% ready to go public while it pairs with MoneyGram on a plan to bridge crypto and cash. Arjun Sethi, the co-CEO of Payward and Kraken, tied the two moves together at Consensus Miami. The message was blunt: the exchange is moving toward an IPO, but it is still waiting for the right moment.

Kraken and MoneyGram

Sethi said Kraken has filed and is waiting for the right moment to pursue an IPO. He also said, "We’re ready," after saying the company is "about 80% ready" to go public. That is a progress update, not a launch date, so investors and customers are left with a readiness claim rather than a timetable.

The MoneyGram deal is meant to connect crypto users with physical cash. Anthony Soohoo, MoneyGram’s chairman and CEO, said, "This is the first step of working together to solve the last mile," and added that "in many situations, customers still want access to cash."

MoneyGram’s 500,000 locations

MoneyGram brings roughly 500,000 retail locations worldwide into the picture. That gives Kraken a cash access network that can reach customers beyond a screen and a wallet address. Sethi said, "People need cash at an onboarding location" in markets in Latin America and beyond, and said partnering with MoneyGram helps solve that.

Both executives said stablecoins are a key unlock. Soohoo said stablecoins can "remove waste" and lower costs across the system, while Sethi said, "Intermediaries are the losers here, but they should be." The friction point is clear: the companies are talking about cheaper transfers and broader access, but the practical value depends on where cash is still the default.

From filing to float

The IPO push comes after Kraken confidentially filed with the Securities and Exchange Commission in November. CoinDesk reported in March that Kraken had paused its IPO plans. MoneyGram was taken private in 2023, and Soohoo said the company is focused on rebuilding it.

For customers, the immediate change is the promise of a bridge between crypto and cash through MoneyGram’s retail network. For investors, the unresolved issue is the IPO timing, because Kraken has said it is preparing but has not given a date for when it will actually go public.