Amid a multi-month bear market in crypto land, this industry’s leading startups have still shot for the stars. Case in point, leaked documents indicate that a distinguished crypto exchange, Kraken, is seeking to be valued at a jaw-dropping sum, which may place the platform among the ranks of Earth’s foremost startups. While the firm’s appetite for grandeur is respectable, analysts fear that the startup could be well overshooting the mark.
According to an exclusive report from Finance Magnates, Kraken, a U.S.-centric crypto exchange and long-time industry participant, is discerning whether it should issue a private offering for bigwig investors, not Main Street. In leaked emails gathered by the aforementioned financial news outlet, if the San Francisco-headquartered platform, championed by Bitcoin (BTC) savant Jesse Powell, decides to go ahead with a private placement round, it will self-value 100% of its shares at $4 billion. Yet, it remains to be seen how much Kraken is seeking to garner via its first share offering.