Kraken has confirmed that it has secretly filed for an IPO, and its valuation has reportedly shrunk by more than $6 billion.

CoinFeed reported on April 15th, citing CNBC, that Kraken co-CEO Arjun Sethi confirmed at the Semafor World Economic Summit that Kraken has secretly filed for an IPO with the U.S. Securities and Exchange Commission. Deutsche Börse Group has committed $200 million in exchange for a 1.5% fully diluted stake, valuing the company at approximately $13.3 billion, a reduction of over $6 billion from its $20 billion valuation last November. Last November, Kraken announced the submission of a draft S-1 registration statement, but at that time, no offering date was set. Less than a month ago, Kraken froze its IPO plans due to the crypto market downturn, when Bitcoin had fallen 40% from its record high in October of last year.