Kraken is preparing for a landmark public listing and is in discussions to secure fresh capital that could lift its valuation toward $20 billion, according to Bloomberg.

Sources said the exchange is weighing a commitment of up to $300 million from a strategic backer, though terms remain subject to market conditions.

The talks follow reports that Kraken recently wrapped up a $500 million round at a $15 billion valuation, underscoring the firm’s momentum as it positions for an IPO expected in early 2026. If successful, the deal would mark one of the largest fundraising pushes by a U.S. crypto platform to date.

Kraken has been scaling aggressively. It announced plans in March to acquire NinjaTrader in a $1.5 billion transaction, expanding its footprint in derivatives and advanced trading products.

The exchange also overhauled its leadership last year, bringing in Tribe Capital’s Arjun Sethi as co-CEO alongside Jesse Powell, while beginning regular financial disclosures. The firm reported $1.5 billion in revenue for 2024 and nearly half a billion in the first quarter of 2025 alone.

The IPO preparations mirror a broader trend in Washington’s more crypto-friendly climate under President Trump, which has already seen Circle, Bullish, and Figure take their businesses public this year. Kraken has tapped Morgan Stanley and Goldman Sachs to lead the offering, signaling its ambition to bridge digital assets with Wall Street.

With trading volumes keeping it among the largest U.S. crypto exchanges, Kraken is aiming to follow peers in bringing crypto finance further into mainstream markets. A successful raise and IPO could cement its status as one of the sector’s most influential players.

Source: Bloomberg