Kraken is worth 15 billion: Crypto exchange plans IPO for 2026

US crypto exchange Kraken has raised $500 million in a funding round, reaching a $15 billion valuation. Tribe Capital and Co-CEO Arjun Sethi participated in the round, among others. A lead investor was intentionally not named.
The capital inflow follows the $1.5 billion acquisition of the futures platform NinjaTrader, which brought Kraken two million new users. With products like xStocks, tokenized versions of US stocks, Kraken aims to bridge the gap between TradFi and crypto.
In 2024, the exchange generated revenue of $1.5 billion, supported by an increasingly crypto-friendly regulatory climate in the US and the MiCA license in the EU. The fresh capital buffer will be used to expand its derivatives offerings and global presence. With a daily trading volume of $1.37 billion, Kraken lags behind Coinbase but solidifies its status as one of the largest players in the market.

2025 is shaping up to be the year of crypto IPOs: Two heavyweights, Circle and Bullish, have already successfully gone public, while Gemini has filed its documents with the SEC and is considered the next candidate. In addition to Kraken, which is planning an IPO in early 2026, names like BitGo, Fireblocks, and Chainalysis are also on the watchlist. A clear sign that crypto companies are increasingly using public exchanges as a growth avenue.

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