Overview
- Kraken completed a $500 million raise at a $15 billion valuation with no single lead investor, drawing participation from investment managers, venture firms, Tribe Capital, and co-CEO Arjun Sethi personally.
- The exchange is in advanced talks for a $200–$300 million strategic investment that could lift its valuation to about $20 billion, a Bloomberg report says, noting the discussions are not yet finalized.
- IPO preparations are underway for 2026, with Kraken working with Morgan Stanley and Goldman Sachs on the offering, according to reporting.
- Q2 2025 performance included roughly $411 million in revenue and nearly $80 million in post‑EBITDA earnings, figures that underpinned demand for the round.
- Expansion moves include the $1.5 billion NinjaTrader deal adding about 2 million customers, the launch of tokenized stocks (“xStocks”), EU licensing progress, and ongoing executive reshuffling during the shift to a more institutional focus.