tl;dr
Crypto exchange Kraken plans to raise $500 million in a funding round targeting a $15 billion valuation ahead of a potential IPO in Q1 2026, aiming to boost investor confidence. Regulatory clarity in the US has supported Kraken's public listing plans. The company reported $472 million in revenue for...
Crypto exchange Kraken is reportedly aiming to raise $500 million in a funding round, targeting a $15 billion valuation. This move precedes its planned initial public offering (IPO) anticipated for the first quarter of 2026, according to industry sources cited by The Information. Arjun Sethi, Kraken’s co-CEO since late 2024, mentioned that this funding round is designed to build investor confidence in the company’s valuation, which previously hindered public listing efforts.
Bloomberg reported in March that recent regulatory clarity in the United States has encouraged Kraken's long-term plan to go public. The company stated it would pursue public markets when it aligns with the interests of its clients, partners, and shareholders. Kraken experienced a revenue jump to $472 million in Q1 2025, a 19% increase year-over-year, driven largely by heightened trading activity amid market volatility. The company has also been expanding services into new countries, strengthening its presence in regions poised for regulatory approval.
Private shares of Kraken are actively traded on secondary marketplaces like Forge, suggesting preparations for a potential IPO are underway. However, Kraken’s IPO rumors are not new; founder Jesse Powell hinted at a public offering in 2022, and Bloomberg noted a possible 2025 IPO last year. Despite ongoing speculation, no formal announcement has been made so far.
The crypto industry is experiencing an IPO surge, with custody startup BitGo recently filing confidentially for a U.S. listing, following USDC issuer Circle's strong public debut in June. Shortly after, Gemini, operated by the Winklevoss brothers, filed a confidential S-1 with the SEC, though details on share numbers and pricing remain undisclosed. Industry insiders speculate Gemini’s IPO may occur before year-end, reflecting a broader momentum among crypto firms seeking public market opportunities.