Cryptocurrency exchange Kraken is reportedly preparing to raise $500 million in a new funding round that would value the company at $15 billion, according to reports from The Information and Reuters. The funding, expected to close ahead of a planned initial public offering (IPO) in Q1 2026, aims to solidify Kraken's valuation and support its aggressive global expansion strategy.
This development follows regulatory tailwinds in the U.S., including the enactment of the GENIUS Act in mid-July 2025—which established reserve standards for stablecoin issuers—and the House-passed CLARITY Act seeking to shift oversight of most cryptocurrencies from the SEC to the CFTC. These changes, coupled with a federal court dismissing the SEC's lawsuit against Kraken earlier this year, have reduced regulatory uncertainty and encouraged institutional investment.
Kraken has accelerated growth through strategic acquisitions like the $1.5 billion purchase of futures platform NinjaTrader in March 2025 and the June launch of the Krak App, supporting payments in 300+ digital/fiat assets across 110 countries. The exchange now holds MiCA, MiFID, and EMI licenses in Europe and expanded into Latin America with local currency support in Argentina and Mexico. Additional services include Bitcoin staking via Babylon, tokenized stocks, and ultra-low latency trading infrastructure.
Financially, Kraken reported $1.5 billion revenue in 2024 (a 128% YoY increase) with $424 million adjusted EBITDA. Q1 2025 revenue hit $472 million, up 19% YoY, attributed to volatile market conditions. The platform maintains 99.9% uptime, sub-2ms latency, and consistently processes over $1 billion daily volume across 450+ cryptocurrencies.
Kraken joins a wave of crypto firms pursuing public listings, including BitGo and Gemini, which filed confidential IPO paperwork following Circle's successful public debut in June. Co-CEO Arjun Sethi emphasized the funding round would 'get investors comfortable with the valuation' ahead of the 2026 IPO.