Kraken, one of the world’s largest cryptocurrency exchanges, announced on September 26 that it has completed a $500 million funding round, pushing its corporate valuation to $15 billion.
? @krakenfx raises $500M, valued at $15B ahead of planned IPO
Crypto exchange #Kraken has secured $500 million in new funding, giving the firm a $15 billion valuation. The raise sets the stage for a public listing expected in 2026. The round, which had no lead investor,… pic.twitter.com/eDlFjWcxdq
— PHOENIX – Crypto News & Analytics (@pnxgrp) September 27, 2025
Unlike traditional rounds, this raise had no single lead investor and was executed under Kraken’s own terms. Participants included investment management firms, venture capital groups, and Tribe Capital, the investment firm led by Kraken’s Co-CEO Arjun Sethi.
Kraken Preparing for a 2026 IPO
Founded in 2011, Kraken had previously raised just $27 million in venture capital. The latest round marks its largest fundraising effort to date, primarily aimed at preparing for its planned 2026 initial public offering (IPO).
To gear up for the listing, Kraken has undergone major restructuring, including leadership shifts and workforce reductions. Sethi, viewed as the strategic leader, has played a pivotal role in redefining Kraken’s direction.
Under his leadership, Kraken made a bold move into traditional finance by acquiring U.S. futures platform NinjaTrader for $1.5 billion. This acquisition expanded its customer base by 2 million users, strengthening its foothold in derivatives trading and appealing to a broader investor demographic.
Currently led by Co-CEOs Dave Ripley and Arjun Sethi, Kraken is seen as a key player bridging crypto and traditional financial markets, making it more attractive to public investors.
Kraken’s Financial Performance Driving Investor Confidence
Kraken’s strong financials also fueled investor enthusiasm. In Q2 2025, the company generated $411 million in revenue and nearly $80 million in post-EBITDA profit.
Trading volume surged to $186.8 billion, up 19% year-over-year, while funded accounts reached 4.4 million, a 37% increase from the prior year. The exchange’s diversification across Ethereum, Solana, and emerging altcoins contributed to this growth.
Market data from PM Insights shows Kraken’s shares trading at a 112.45% premium compared to its Series B valuation as of September 15, 2025, underscoring investors’ confidence ahead of its IPO.
Despite the inherent volatility of the cryptocurrency sector, Kraken’s ability to raise $500 million at a record-high valuation demonstrates growing institutional trust in the exchange. Its partnership with Legion for Fair and Transparent Token Sales is also a successful step for the business growth recently.
