Overview
- The financing closed this month and included Tribe Capital and Arjun Sethi, setting Kraken’s valuation at about $15 billion.
- Sethi, who became co-CEO last fall, is described by employees as the de facto decision-maker at the exchange.
- He is running Kraken with a data-first, VC-style model that has accelerated product development.
- Recent launches include xStocks, a tokenized equities service intended to connect crypto with traditional financial infrastructure.
- Kraken is targeting an IPO in 2026, while some former employees voice concerns about conflicts and morale as Sethi remains Tribe’s chairman.