Major US cryptocurrency exchange Kraken is considering a private offering, online publication Finance Magnates has reported.
According to the media outlet, Kraken has sent out an email to some of its major clients, informing them about the investment opportunity. The company reportedly wants to raise capital for a war chest, which it could use to fuel an acquisition spree in the current bear market for crypto. Kraken said in the email that it did not need capital to fund its existing business.
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According to Finance Magnates, the company valued its shares at $4 billion. Participants in the offering will be required to make a minimum investment of $100, 000.
“The transaction process will be done by a 3rd party service, who will run accredited investor checks, facilitate the execution of transaction documents, and the funding of your investment,” the company said in the email, as quoted by Finance Magnates.
Kraken will be evaluating each potential investor for eligibility to be a part of the share offering. According to the report, the select customers have been invited to fill out an online survey before they receive further information about the offering. These customers are said to have until December 16 to respond to the survey.
Kraken is currently the 26th largest digital currency exchange in the world, based on trading volume. According to data from digital currency tracker Coinmarketcap, the exchange has processed nearly $86 million worth of crypto trades over the past 24 hours. The exchange supports more than 20 digital currencies across 72 trading pairs. In comparison, top 3 exchange Binance, has generated nearly $400 million of trading volume in the most recent 24-hour period. It also offers nearly 400 trading pairs.