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Kraken plans to go public next year via a direct listing, a spokesperson of the cryptocurrency exchange told The Block.

Direct listing means Kraken won’t choose the traditional IPO or the special purpose acquisition company (SPAC) routes. The spokesperson said Kraken is “too big” for the SPAC route.

Fox Business reporter Charles Gasparino tweeted Tuesday that Kraken could go public in 2022 either via a SPAC or an IPO.

Kraken’s plans of going public were first revealed earlier this year when its CEO Jesse Powell said he’d make the exchange go public at a valuation of above $10 billion. Kraken is reportedly in talks to raise funds in a move that could see its valuation reach that level.

The Kraken spokesperson further told The Block that the exchange at this point is “fully focused on scaling our business, filling key roles and making sure we’re giving clients the best experience in a time of unprecedented growth.”

Kraken rival Coinbase is set to go public on Nasdaq via a direct listing in the coming weeks. Crypto-friendly brokerage eToro also announced this week that it would go public via a SPAC merger.

Intercontinental Exchange-owned crypto firm Bakkt is also planning to make a stock market debut via a SPAC merger.

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