IPO-Bound Kraken Launches Commission-Free Stock, ETF Trading

Cryptocurrency exchange Kraken, reportedly gearing up for a potential IPO as early as next year, is making a significant move to broaden its offerings beyond digital assets. The company announced today the initial rollout of commission-free trading for over 11,000 U.S.-listed stocks and exchange-traded funds (ETFs) through its newly established division, Kraken Securities.

The service is initially available to select U.S. clients residing in New Jersey, Connecticut, Wyoming, Oklahoma, Idaho, Iowa, Rhode Island, Kentucky, Alabama, and the District of Columbia, with plans for a phased national rollout in the near future, Kraken said in an announcement on its blog on Monday.

"We’ve always believed in breaking down barriers to investing and redefining financial access for our clients," Kraken said.

The new equities offering, powered by Kraken Securities, a FINRA-regulated division, allows users to seamlessly manage stocks, crypto, cash, and stablecoins within a single Kraken account. Key features include the ability to reinvest proceeds immediately into other stocks or crypto, fractional trading, and a streamlined experience.

“Crypto isn’t just evolving, it’s becoming the backbone for trading across asset classes, such as equities, commodities and currencies. As demand for 24/7 global access grows, clients want a seamless, all-in-one trading experience,” Arjun Sethi, Kraken’s Co-CEO, said. “Expanding into equities is a natural step for us, and paves the way for the tokenization of assets. The future of trading is borderless, always on and built on crypto rails — and Kraken will continue to lead this shift.”

This move into the U.S. stock market follows Kraken's recent efforts to expand its regulatory footprint globally, and has already secured regulatory approval for equities trading in the UK. These expansion efforts align with reports from last month indicating that Kraken is exploring raising up to $1 billion in debt, working with financial giants Goldman Sachs and JP Morgan Chase, as it prepares for a potential initial public offering (IPO) as early as the first quarter of 2026.

Last month, reports emerged that Kraken had agreed to acquire retail futures trading platform NinjaTrader in a deal valued at $1.5 billion . This acquisition is widely seen as a strategic move to enable Kraken to offer cryptocurrency futures and derivatives trading to its U.S. customer base by leveraging NinjaTrader’s Futures Commission Merchant (FCM) license.

Kraken's foray into commission-free stock and ETF trading in the U.S. positions it to directly compete with established players like Robinhood and Webull, while leveraging its existing crypto user base.

The company said it plans to extend stock trading to more U.S. states shortly, followed by key international markets including the UK, Europe, and Australia, signaling an ambitious strategy to become a global, multi-asset trading powerhouse as it moves closer to its anticipated IPO.