Kraken, one of the largest U.S. cryptocurrency exchanges by trading volume, plans to raise $500 million in fresh capital at a $15 billion valuation.
The funding round, reported by The Information on Tuesday, comes as clearer U.S. policy under the current administration and rising institutional interest boost the appeal of major crypto platforms.
Proposed Fundraising
The proposed raise will finance Kraken’s push into new markets and products as it gears up for a public listing in early 2026.
While the report did not name a lead investor or spell out a timeline, it suggests strong demand among late‑stage venture and crossover firms. It remains unclear whether part of the round will allow existing shareholders to sell shares.
Expansion and IPO Plans
Kraken has been adding products to go beyond spot trading. In March, Kraken agreed to buy NinjaTrader’s futures platform in a $1.5 billion deal.
The acquisition is intended to expand Kraken’s presence in derivatives and sophisticated trading services. The exchange also restructured its leadership in October 2024, naming Arjun Sethi as co‑CEO, and started publishing financial reports.
Kraken recorded $1.5 billion in revenue in 2024 and made about $472 million in the first quarter of 2025.
The fresh interest in Kraken’s raise comes on the heels of comparable confidential filings by other leading crypto companies. Grayscale and BitGo both recently filed confidential registration statements for U.S. initial public offerings.
Peter Thiel‑connected exchange Bullish submitted its IPO documents in June, and Circle went through with its star-studded listing on the New York Stock Exchange this year. These efforts are expanding the group of public-market comparables for Kraken and other exchanges.
Also Read: Kraken Launches Contest To Name Its Ink Mascot On Ethereum L2 Network
Rising Wave of Crypto IPOs
2025 has witnessed a surge of crypto businesses venturing into public market listings. Circle’s direct listing on the NYSE created a high standard with robust day-one trading volumes.
Following closely, Bullish went public by filing, indicating faith among investors in the long-term future of digital asset infrastructure.
Grayscale’s bid for a conventional IPO has spotlighted the changing regulatory environment, while BitGo’s stealth filing emphasises increasing demand for custody products.
Combined, these moves suggest a larger trend as crypto companies pursue the clarity and access to capital that public listings deliver.
Challenges Ahead
Even so, crypto IPO hopefuls have challenges. Regulators are intensifying their oversight of digital asset companies, and volatility in the market can influence valuation and timing.
Kraken and others will have to show strong compliance systems and transparent growth paths to appease public investors.
Funding rounds also need to balance raising sufficient capital with capping dilution for early investors.
If Kraken raises its $500 million round at the desired valuation, it would further attest to institutional faith in the exchange’s vision and broader crypto ecosystem.
Also Read: Kraken Announces Integration of INK Token and Layer 2 Tech, $INK Token Gains 10%