Kraken is Offering Preferred Shares, Raises $6.8 Million in a Day

Anyone, with a minimum of $1,000 to invest, can buy the exchange’s stocks.

United States-based cryptocurrency exchange Kraken has begun to offer preferred shares to accredited investors.

As announced by the exchanges, it has partnered with investment platform Bank to the Future to allow registered investor to buy its shares. Interested investors can purchase the stocks with a minimum amount of $1,000 until June 20.

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As seen on the fundraising page, Kraken has already raised $6.8 million, as of press time, surpassing the minimum investment goal of $6.2 million within a day of listing. So far, 326 investors participated in the fundraising as the company is aiming to raise $10.2 million.

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Kraken is one of the longest-operating cryptocurrency exchange on the globe and lists 24 digital currencies, offering 74 trading pairs. According to the company, it handled $85 billion worth in crypto trades in 2018, a year when the market went down significantly.

Bother to disclose financials?

Though the San Francisco-based exchange is offering its shares to both large and small investors, it did not mention publically how it will utilize the raised funds, neither did it published its financial reports.

This is not the first attempt by the crypto exchange to gather funds from the public as last year it sought funds from its prominent clients, keeping its valuation at $4 billion. Then the minimum investment amount was set at $100,000.

The long bear in the crypto market has made massive dents on established crypto-related businesses. Similar to Kraken, many other digital asset exchanges were also forced to seeks funds via different means.

Earlier this year, Bithumb’s operator received $200 million from a Japanese blockchain fund while the controversial crypto exchange Bitfinex recently raised $1 billion by distributing native tokens in a private sale.

Meanwhile, Kraken is also focusing on its business expansion and has acquired the futures trading startup Crypto Facilities for an undisclosed amount.

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