Crypto exchange Kraken is raising $500 million in a funding round that could value it at $15 billion, positioning the company for a public listing as early as Q1 2026. The move reflects a resurgence of institutional interest in crypto platforms, driven by favorable regulatory shifts and bullish market conditions.
Kraken’s revenue surged to $1.5 billion in 2024, up 128% from 2023, with daily volumes exceeding $1 billion. Recent growth is backed by the March 2025 acquisition of futures platform NinjaTrader and the global rollout of Krak, its multi-currency payment app available in 110 countries.
The exchange has gained regulatory momentum, securing licenses under Europe’s MiCA and MiFID frameworks and benefiting from U.S. legal clarity after SEC lawsuit resolutions and the GENIUS Act.
Kraken also launched xStocks on the Solana blockchain, allowing non-U.S. users to trade tokenized U.S. equities like Apple and Tesla, 24/5, with fee-free USD trading and dividend reinvestment.
As other firms like Circle and Grayscale explore IPOs, Kraken’s push toward public markets signals a maturing digital asset sector. If successful, the raise will strengthen its global reach and tech innovation ahead of its IPO debut.
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