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Kraken has completed a $500 million funding round at a $15 billion valuation, with plans for a 2026 IPO.
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Kraken has completed a $500 million funding round at a $15 billion valuation, a milestone that puts the cryptocurrency exchange on course for a targeted 2026 initial public offering (IPO).
The development comes as several crypto firms rush to go public, with Circle, Gemini, and Bullish debuting earlier this year.
Kraken Builds on Product Growth and Vision
According to a Fortune report, the raise was made through a self-structured round that included participation from Tribe Capital, co-CEO Arjun Sethi, and other institutional investors. The exchange has now raised a total of $527 million to date, as it prepares for a planned IPO in 2026.
Founded in 2011, Kraken has become a preferred platform for professional and institutional traders. The exchange reported $411 million in second-quarter revenue and nearly $80 million in post-EBITDA earnings.
The company has also expanded through acquisitions and new products. Earlier this year, Kraken bought NinjaTrader for $1.5 billion and launched xStocks, which tokenizes shares of companies like Apple and Tesla. Co-CEO Arjun Sethi called the NinjaTrader deal the “largest-ever combining TradFi and crypto,” outlining a vision to combine the two under one platform.
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Sethi also spoke of Kraken’s broader vision, telling Fortune that the progression from stablecoins to tokenized assets and now tokenized equities is part of the firm’s plans to make financial markets more accessible. He added that the exchange is designed with professional traders and institutions in mind, emphasizing its liquidity and reliable infrastructure as key strengths for high-volume clients.
Crypto Firms IPO Race Heats Up
The planned 2026 listing comes at a time when crypto firms are moving quickly to go public. Following a year-long freeze in IPO activity after the 2021 valuation boom, the market has reopened this year with strong demand. Stablecoin issuer Circle recorded one of the largest first-day surges in corporate IPO history, while Gemini and Bullish also completed successful debuts.
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For Kraken, the decision to wait until 2026 could test investor patience, especially if market conditions change. Analysts point to signs that stock prices are overvalued and warn that newly listed digital asset firms may struggle with business fundamentals.
Circle is already facing revenue pressure from falling interest rates, while Gemini and Bullish have smaller user bases than competitors such as Kraken and Coinbase. Declining crypto prices could further threaten valuations.
Despite the concerns, Fortune said that the company’s diversified business model and growing presence outside its core European and U.K. markets leave it better positioned than most peers to survive shifts.
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