In a landmark development, Kraken has quietly closed a $500 million funding round, lifting its valuation to $15 billion, according to a report by Fortune. The raise marks one of the most significant late-stage infusions in the crypto exchange and comes as the firm positions itself for a high-profile public debut.
This funding round was unusual as Kraken itself set the terms, and there was no single lead investor; however, among the participants were Tribe Capital and Kraken’s own co-CEO, Arjun Sethi, who invested personally. News of the launch of the funding round came out earlier this year via media reports, which also rumoured that the exchange was preparing to raise up to $500 million for its growth as well as IPO ambitions.
From modest beginnings to a $15 billion valuation
For context, Kraken had earlier raised only around $27 million in venture funding over its first decade. Its 2022 valuation had reportedly hovered near $11 billion; this latest round thus reflects investor confidence in its next chapter.
Kraken’s leadership has also been executing bold strategic moves to justify this valuation. In 2025, the firm acquired NinjaTrader, a U.S.-regulated futures trading platform, in a deal worth $1.5 billion, reportedly. But the deal also added millions of professional traders to its ecosystem. The exchange has also rolled out innovations such as ‘xStocks’ (tokenized equities) and expanded into derivatives and institutional services.
As for the IPO timeline, Kraken is now targeting a 2026 listing, according to co-CEO Arjun Sethi. Earlier in 2025, Sethi cautioned that Kraken would not rush into public markets unless it made sense for its customers and reputation.