Kraken mulls potential investor at $20 billion valuation ahead of planned IPO: Bloomberg
Kraken is in talks to raise money ahead of a possible initial public offering that could push its valuation to $20 billion, Bloomberg reported Friday.
"The funding, which is not yet finalized and remains subject to market conditions, would consist of a $200 million to $300 million commitment from a strategic investor," Bloomberg reported, citing an anonymous source.
The news comes on the heels of Fortune reporting that Kraken quietly closed a $500 million raise at a $15 billion valuation.
Kraken, one of the largest U.S. crypto venues by volume, has been in expansion mode ahead of a planned public offering slated for early 2026.
President Trump's crypto-friendly administration has paved the way for a bullish cycle that is seeing a mass merging of digital assets and traditional financial markets. Circle, Bullish, and Figure are all crypto firms that have successfully launched IPOs this year.
Kraken is working with Morgan Stanley and Goldman Sachs Group on its IPO, Bloomberg's sources said.
In March, Kraken said it planned to acquire futures platform NinjaTrader in a $1.5 billion deal as part of a push into derivatives and other trading products. The firm restructured in October 2024 with Tribe Capital co-founder Arjun Sethi assuming the role of co-CEO. Kraken also started disclosing its financials, revealing $1.5 billion in 2024 revenue and around $472 million during the first quarter of this year.
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