Selling shares · Kraken

How to sell your Kraken stock

Kraken filed confidentially for an IPO, then paused it — reportedly sliding toward 2027 amid crypto-market swings. If you hold Kraken equity, here’s what you have, why the value moves with the cycle, and the tax.

Status Privately held · Reviewed November 2026

Kraken is a private US crypto exchange — still private as of November 2026, reportedly valued around $15 billion in a 2025 pre-IPO round, with its IPO paused due to market conditions. This guide is for the Kraken holder.

Independent guide. PrivateTechShares is not affiliated with, endorsed by, or connected to Kraken. This is general educational information for people who already hold Kraken equity. We don’t recommend or endorse any transaction — whether to buy or sell, and on what terms, is entirely your own decision based on your own due diligence. What we do: help you prepare — a clear picture of what you hold, what it may be worth, and the paperwork.

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What you actually hold at Kraken

Kraken equity is typically stock options and, for later grants, RSUs. Options you exercise into shares; RSUs settle on a liquidity event or set date. Because Kraken’s business is crypto, its valuation — and any tender price — can swing hard with the market, so timing matters. Check your grant for vested amount, strike and settlement terms.

Kraken at a glance — the dates that matter to holders

2022
Kraken valued around $10–11 billion in the prior cycle.
2025
Reported pre-IPO round around $15 billion; confidential IPO filing surfaces.
2026
IPO paused on market conditions, reportedly sliding toward 2027.

Figures as publicly reported (Forge on IPO timeline; CCN and Morningstar on the paused listing). Crypto-linked valuations move quickly; confirm current status before relying on them.

How Kraken equity turns into cash

Kraken is private, with no open market. An IPO would eventually allow public-market selling after a lock-up, but it’s paused. Until then, liquidity depends on any company tender/buyback or a private secondary subject to Kraken’s transfer rules. Note that crypto-market swings can change both the price and the appetite for any window.

Where holders actually find buyers → A plain-English map of every route — buybacks, tenders, company secondaries, platforms and investor networks.

The decision you’re probably facing

Crypto timing cuts both ways — the value swings. Kraken’s value tracks a volatile market, so a tender or secondary price can look very different six months apart, and the IPO timing is market-dependent. If you’re considering exercising options, remember you could owe tax at a high mark and then see the value fall before you can sell.

The practical steps: value your vested equity at the latest mark, model the cost and AMT of exercising, and think about timing given crypto volatility.

The tax reality (US)

Most US startup equity is taxed one of two ways. RSUs are ordinary income when they settle (on a liquidity event or set date), with employer withholding that can fall short at higher incomes; later gains are capital gains. Options cost the strike to exercise and, for ISOs, can trigger AMT — use the ISO/AMT calculator. Selling in a tender or secondary is a capital-gains event on any rise since you acquired the shares. Full method in our methodology.

What to expect on price

A tender has a set price; a private secondary to an outside buyer usually happens at a discount to the last headline valuation — because the buyer takes an illiquid minority stake, and you likely hold common shares worth less than investors’ preferred. See what discount is fair.

For holders

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Work out your Kraken position

Get the numbers straight: what your equity is worth at the latest mark, the cost and AMT of exercising options, and the timing risk given crypto swings. Free tools give you the pieces; the report runs them on your grant.

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valuation estimator · ISO/AMT calculator · US toolkit — $39

Questions people ask

Is Kraken going public?

Kraken filed confidentially for an IPO but paused it on market conditions, reportedly sliding toward 2027. Until then it remains private and liquidity depends on company tenders or private secondaries.

How much are my Kraken shares or options worth?

Value them at Kraken’s latest mark (reportedly around $15 billion in a 2025 pre-IPO round), adjusted for your share class and strike, with an illiquidity discount. Because it’s crypto, the number can move fast. Use our estimator as a starting point.

Does crypto volatility affect my Kraken equity?

Yes. Kraken’s valuation and any tender price track a volatile market, and its IPO timing is market-dependent. Be careful about exercising options at a high mark and owing tax before you can sell.

Sources

We re-verify this page’s facts monthly — they can change between updates. Figures are as reported (November 2026); confirm current status before you rely on them.

More about Kraken: kraken.com ↗ (official site) · funding & valuation data ↗.