Cryptocurrency exchange Kraken has successfully closed a $500 million funding round, bringing its valuation to $15 billion. This milestone marks a key step in the platform’s preparation for its highly anticipated IPO, now scheduled for 2026, according to Fortune.
Founded in 2011, Kraken has steadily gained trust among professional traders and institutional clients, even if it remains less recognized than competitors like Coinbase. In 2024-2025, the company expanded aggressively through acquisitions and new product launches. Notably, the $1.5 billion acquisition of NinjaTrader added over 2 million users, which co-CEO Arjun Seti described as a major bridge between traditional finance (TradFi) and the crypto market.
Kraken’s strategy emphasizes blockchain solutions that aim to reduce barriers in the financial system. Seti envisions the platform as a hub combining the best of traditional finance and crypto, starting with stablecoins, moving to tokenized assets, and now offering tokenized stocks (xStocks) of companies like Apple and Tesla.
Financially, Kraken remains profitable. In Q2 2025, it reported $411 million in revenue and nearly $80 million in EBITDA, solidifying its position among top crypto exchanges preparing for a public listing.
The road to IPO has faced leadership changes after co-founder Jesse Powell stepped down in 2022. Seti and co-CEO Dave Ripley now steer the company, with Seti making key strategic decisions. Despite these shifts, investors remain confident in Kraken’s long-term potential, thanks to its focus on professional and institutional traders and advanced trading tools such as Kraken Pro and robust APIs.
Kraken also recently launched tokenized US stocks trading in the EU, expanding its global reach and showcasing its commitment to innovation in the crypto-finance space.
