- Kraken raised $500M, reaching a $15B valuation ahead of its planned 2026 IPO.
- Co-CEO Arjun Sethi has led key moves, including the $1.5B NinjaTrader acquisition.
- Despite executive turnover, Kraken is positioned for one of crypto’s biggest IPOs.
Kraken has secured a massive $500 million funding round, pushing its valuation to $15 billion and paving the way for its long-anticipated IPO in 2026, according to Fortune. The round, closed on Kraken’s terms, brought in investment managers, venture capitalists, and even participation from co-CEO Arjun Sethi through his firm Tribe Capital. This marks a major milestone for one of crypto’s oldest exchanges, which until recently had only raised $27 million in venture funding since its 2011 launch.
The $15B Leap
The new funding round signals Kraken’s evolution into a heavyweight in the global exchange market. By comparison, the firm reported $411 million in revenue and nearly $80 million in post-Ebitda earnings for Q2, strengthening investor appetite. Notably, the round did not have a lead investor, showcasing the confidence in Kraken’s ability to dictate terms and attract diverse backers at a hefty valuation.
Strategic Moves Under Arjun Sethi
Kraken’s transformation has accelerated under co-CEO Arjun Sethi, who is widely seen as the company’s main strategic driver. A key move was the $1.5 billion acquisition of NinjaTrader, which added 2 million customers and expanded Kraken’s reach into futures and traditional finance. This push signals the company’s ambition to bridge crypto and legacy markets, positioning itself as more than just a digital asset exchange.
IPO and Internal Challenges
With the IPO target now firmly set for 2026, Kraken is preparing for the intense scrutiny of public markets. However, the company has faced internal challenges, including recent executive turnover and job cuts as it streamlines operations. Despite the turbulence, the latest funding round strengthens Kraken’s balance sheet and gives it momentum heading into what could be one of the biggest crypto IPOs to date.
The Bottom Line
Kraken’s $500 million raise at a $15 billion valuation cements its place as one of the leading crypto exchanges preparing for the next phase of growth. With an IPO on the horizon, strategic acquisitions in place, and institutional backing secured, Kraken is entering a critical chapter—balancing expansion with the operational discipline needed to thrive as a public company.
