Kraken, one of the world's largest cryptocurrency exchanges, has successfully raised $500 million in a funding round that values the company at $15 billion. This capital injection, one of the largest in the crypto sector in 2025, was secured without a single lead investor, instead drawing participation from a wide range of institutional funds, venture capital firms, and personal investment from co-CEO Arjun Sethi through Tribe Capital.
The funding positions Kraken for its anticipated initial public offering (IPO) in 2026. The exchange reported strong financials, with $411 million in revenue and nearly $80 million in post-EBITDA earnings in the second quarter of 2025, nearly doubling its 2024 performance. Kraken plans to allocate the new capital toward product development, geographic expansion, and strengthening compliance frameworks.
Under Sethi's leadership since 2022, Kraken has expanded through acquisitions like the $1.5 billion purchase of NinjaTrader, adding two million customers, and launched new offerings such as tokenized stocks (xStocks) to bridge crypto with traditional markets. The raise reflects broad-based optimism in crypto exchanges amid a resurgence of IPOs in the sector.