Kraken Secures $500M at $15B Valuation, Eyes IPO in 2026

Kraken raised $500 million, increasing its valuation to $15 billion, setting the stage for a possible public listing in 2026. The cryptocurrency exchange closed the fundraising round in September 2025 on its own terms, without a lead investor. The additional capital positions Kraken among the most valuable private exchanges as it builds toward an initial public offering.

Kraken Funding Round Details and Financial Performance

According to a Fortune report, the $500 million raise brought Kraken’s total funding to more than $527 million since its founding in 2011. Investors in the latest round included Tribe Capital and co-CEO Arjun Sethi, who participated personally. This follows the exchange’s $411 million revenue in the second quarter of this year. 

Sethi also confirmed this development in an X post, hinting at the crypto exchange’s massive plans following this funding round. Notably, the $500 million raise follows the exchange’s acquisition of trading firm Breakout, which will enable it to offer prop trading to its clients. It had acquired retail futures trading platform NinjaTrader earlier in May for $1.5 billion.

The exchange also previously partnered with Backed to launch tokenized equities, xStocks, as it seeks to diversify its offerings and compete with top crypto exchanges Coinbase and Robinhood, which are also working on similar initiatives.

Meanwhile, Kraken’s co-CEO, Dave Ripley, recently announced that the company is contributing $1 million to the Digital Freedom Fund PAC and increasing its 2025 contribution to America First Digital to $1 million, in support of policymakers working toward real regulatory clarity and innovation.

IPO Plans and Market Context

The Fortune report also revealed that Kraken is eyeing 2026 for its initial public offering (IPO). The exchange will join a host of crypto firms, including Circle, and fellow crypto exchanges Gemini and Bullish, that went public this year. Crypto custodian BitGo also recently filed the S-1 for its U.S. IPO.

Thanks to the regulatory shift in the crypto industry, these crypto IPOs were a success, as they were all notably oversubscribed. As such, Kraken could witness a similar success when it decides to go public next year.

Based on its $15 billion valuation, Kraken could become the third-largest public crypto exchange in the U.S., behind Robinhood and Coinbase. These exchanges currently boast a market cap of $108 billion and $80 billion market cap. It is worth noting that Bullish and Gemini went public at valuations of around $5.4 billion and $4.4 billion, respectively.