Kraken to Raise $500M in Funding at a $15B Valuation Alongside IPO Ambitions: Report

Crypto exchange Kraken is reportedly planning to secure $500 million in a funding round at a $15 billion valuation. The move comes ahead of its well-known initial public offering (IPO), planned for the first quarter of 2026.

The Information reported the news on Tuesday, citing industry sources. According to Arjun Sethi, who was appointed as Kraken’s co-CEO in late 2024, the latest funding round could help the company get investors comfortable with the valuation, which had lacked before, pulling Kraken off a potential public listing.

Bloomberg reported in March that the recent regulatory clarity in the US has driven Kraken’s long-term plans to go public.

“We’ll pursue public markets as it makes sense for our clients, our partners and shareholders,” the company said at the time.

The company reported a revenue surge to $472 million during the first quarter of 2025, a 19% year-over-year increase. Kraken attributed the surge to increased trading activity amid volatile conditions.

In recent months, the company has expanded its services to more countries, deepening its foothold in jurisdictions where regulatory clarity is imminent.

Further, private shares of Kraken stock are actively being traded on secondary marketplaces like Forge, and the company could be gearing up for a potential IPO next year.

That said, this isn’t the first time Kraken has been rumored to be seeking an IPO. Founder and former CEO Jesse Powell touted in 2021 that the company could go public the following year. Another Bloomberg report last year noted that a 2025 IPO could be on the table.

While rumors of a Kraken IPO continue, there haven’t been any definitively announced plans so far.

Last week, crypto custody startup BitGo confidentially filed for a U.S. listing, joining a wave of crypto companies seeking to capitalize on strong market momentum.

The IPO plans followed after USDC issuer Circle debuted publicly in June with a strong market reception.

Less than 24 hours after Circle’s debut, the Winklevoss brothers-run Gemini confirmed it had filed a confidential S-1 with the U.S. SEC.

BREAKING NEWS: Crypto exchange Gemini has filed to go public, a Friday press release from the Winklevoss-led company reveals.#Gemini #SEChttps://t.co/vBUt7t6Cr4

“The number of shares of Class A common stock to be offered and the price range… have not yet been determined,” Gemini said in its IPO filing. Though the company is yet to disclose timing or valuation targets, industry insiders expect the listing before the end of the year.

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