Kraken CEO Says He'd Only Want to Go Public at a Valuation Above $10B

Kraken co-founder and CEO Jesse Powell says his exchange may seek a public listing "sometime next year" but that there are "no guarantees."

Appearing on Bloomberg TV on Wednesday, Powell was asked whether he would take his company public at a $10 billion valuation.

"We are certainly on track, though $10 billion dollars is a low valuation," said Powell. "I wouldn't be interested in issuing shares at that price." Powell's statement comes as rival exchange Coinbase is being valued as high as $100 billion.

Kraken is in talks to raise new capital in a move that could see the company’s valuation soar to above $10 billion, as CoinDesk previously reported.

However, Powell added there was "no reason" to raise new capital except to accelerate company acquisitions.

Read more: Opinion: How Coinbase Is Worth $100B

Asked where bitcoin was headed and how investors should be looking at its current price, Kraken's CEO said there was "no reason to sell bitcoin."

"I think a lot of people are just waiting to buy the dip," said Powell. "I do think if you’re buying into bitcoin based on speculation you should be looking to hold over a five-year period."

CoinDesk attempted to contact Powell for additional comment but did not receive a response by press time.