UNLEASH THE KRAKEN
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RIT Capital Partners, a London-based trust founded in the early 1960s with a current market cap of over $5 billion acquired a stake in Kraken cryptocurrency exchange recently.
RIT, named the Rothschild Investment Trust, went public in 1988 and currently has a share price of $3,300.
Through the chairman, Jacob Rothschild, RIT holds strong ties with the Rothschild banking family.
Although the amount invested into Kraken was not disclosed, reports state that Kraken processed $2 billion in 24 hours, a close margin with their competitor Coinbase who made a 24-hour volume of $3.9 billion around the same period.
James Glass described Kraken as one of the world's biggest crypto exchanges and further stated that
“According to media reports, Kraken is considering going public through a direct listing in 2022, after seeing record trading volumes and new clients amid a surge in the price of Bitcoin.”
RIT is confident of the growth of its investment in Kraken. They made mention of a fundraiser that could raise the company's value from $10 billion to $20 billion in only a matter of time.
While Kraken's CEO, Jesse Powell states that they're currently waiting to access the outcome of Coinbase's Listing, it has been noted that talks with Fidelity, Tribe Capital and General Atlantic have been in motion.
With Kraken's possible desire to go public in 2022 through a Direct Listing, it makes me wonder how this will affect the market once again as Coinbase's listing did this year.
All eyes are on Coinbase, as we wait to see how much good or bad their Direct Listing on Nasdaq does for them as a company and the entire world of Crypto.
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