Kraken Bags $500M Funding, Sets Stage for $15B IPO by 2026
Kraken has raised $500 million in new capital, valuing the company at $15 billion ahead of its 2026 IPO. The September 2025...
Quick overview
- Kraken has raised $500 million, valuing the company at $15 billion ahead of its anticipated 2026 IPO.
- The company has diversified its offerings through strategic acquisitions, including NinjaTrader and Breakout, and launched new products like xStocks.
- In Q2 2025, Kraken reported $411 million in revenue, showcasing its resilience in a competitive market.
- If Kraken goes public at its current valuation, it would become the 3rd largest publicly traded crypto exchange in the US.
Kraken has raised $500 million in new capital, valuing the company at $15 billion ahead of its 2026 IPO. The September 2025 round was done without a lead investor, a sign of strong institutional and insider confidence.
According to Fortune, this brings Kraken’s total funding to over $527 million since 2011. Co-CEO Arjun Sethi personally invested in the round alongside Tribe Capital.
Strategic Moves and Acquisitions
Kraken’s growth strategy goes beyond fundraising. The company has been actively acquiring and launching products to diversify its offerings and compete with Coinbase and Robinhood.
IPO rumors heat up as Kraken bags $500M at a $15B valuation, fueling talk of an imminent IPO. Ready to ride the next bull run? #crypto #Kraken Sometimes I catch myself dreaming of trading in my pajamas all day
— Mia Satoshi (@MiaDubai777) September 26, 2025
Recent highlights:
- Acquired retail futures trading platform NinjaTrader for $1.5 billion (May 2025).
- Bought proprietary trading firm Breakout, allowing clients to do prop trading.
- Launched xStocks, tokenized equities with Backed, putting Kraken in the tokenized securities space.
In Q2 2025, Kraken did $411 million in revenue, proving its resilience in a competitive market. The company is also getting into the regulatory debate: co-CEO Dave Ripley announced $2 million in political contributions towards digital innovation and regulatory clarity.
IPO Outlook and Market Position
Kraken is looking to IPO in 2026, along with other crypto companies like Gemini, Bullish and BitGo which have recently filed or gone public. Many of these were oversubscribed and benefited from a more friendly US regulatory environment.
If Kraken lists at its current valuation, it would be the 3rd largest publicly traded crypto exchange in the US:
- Robinhood: $108 billion market cap
- Coinbase: $80 billion market cap
- Kraken (projected): $15 billion valuation
Gemini and Bullish went public at $4.4 billion and $5.4 billion respectively. So Kraken is above its mid-tier peers as it prepares to go public.
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