Bitcoin falls into a seven-month cold winter, Kraken estimated at $20 billion valuation to aim for IPO.

According to informed sources, the cryptocurrency exchange Kraken has secretly submitted an application for listing in the United States. Founded in 2011, Kraken is a platform based in the US that provides trading services for digital assets such as Bitcoin and Ethereum to users. The company also offers tokenized stock trading services for EU customers. On Tuesday, Kraken stated in a release that the company recently raised $800 million at a valuation of $20 billion, including $200 million from Citadel Securities. The company plans to use this funding to expand its business in international markets and further develop its payment services. A spokesperson for Kraken declined to comment on the timeline for their plans. It is known that as the US IPO market has seen a resurgence this year, there has been a trend of cryptocurrency-related listings. Since former US President Donald Trump returned to the White House, Kraken is the latest cryptocurrency company trying to enter the public market. In addition, cryptocurrency trading platforms Bullish (BLSH.US) and Gemini Space Station (GEMI.US) were listed on major stock exchanges in August and September, respectively. In June, stablecoin issuer Circle (CRCL.US) raised slightly over $1 billion in its highly anticipated IPO. It is worth mentioning that the price of Bitcoin fell to a seven-month low on Wednesday, causing the total market value of the digital asset sector to evaporate by over $1 trillion. During the New York trading session, the world's largest cryptocurrency fell to a low of $88,522. This sharp drop affected various types of investors, from retail investors buying on dips to digital asset reserve companies seeing their premiums vanish. However, with NVIDIA Corporation announcing strong revenue expectations, alleviating concerns about the global AI spending frenzy fading, digital token prices rebounded from their lows towards the end of the session. The next psychological support levels being watched in the market are around $85,000 and $80,000, with the key low set in April 2025 during the tariff crisis at $77,424. The total cryptocurrency market value peaked around $4.3 trillion on October 6 and is currently hovering around $3.2 trillion. It should be noted that these fluctuations primarily reflect unrealized losses on paper, not actual funds exiting the market.