Kraken Closes $500M Funding Round at $15 Billion Valuation Ahead of IPO

Quick take:

• Plans to raise the $500 million were first revealed by The Information in July.
• The latest fundraising brings the total raised via venture capital funding to $527 million, having previously raised only $27 million, according to Fortune.
• The announcement follows a string of acquisitions and new product launches as part of Kraken’s preparation for the IPO planned for 2026.

Kraken has closed the $500 million funding round initially announced in July, according to Fortune. The fundraising attracted participation from Kraken co-CEO Arjun Sethi, his venture firm, Tribe Capital, and other investment managers and venture capitalists.

According to the report, the latest fundraising values Kraken at $15 billion and brings the total raised via venture capital funding to $527 million, having previously raised only $27 million. The announcement follows a string of acquisitions and new product launches as part of Kraken’s preparation for the IPO planned for 2026.

Earlier this year, Kraken announced it was acquiring futures trading platform NinjaTrader in a deal reportedly worth $1.5 billion, expanding its addressable market. In April, the company also announced a partnership with financial API platform Alpaca to offer stocks and exchange-traded funds (ETFs) trading.

Two months later, Kraken launched prime brokerage services for institutional digital asset investors, with the company offering trading, custodial, and financing services from a unified platform.

Later in June, the company was among a list of crypto exchange companies to team up with real-world asset tokenisation company Backed Finance to offer tokenised U.S. securities and ETFs through the xStocks product. 

More recently, Kraken announced the acquisition of the crypto-native proprietary trading firm Breakout, making it the first crypto exchange platform to enter the prop trading space.

The company has also launched its own payments app, Krak, to rival the likes of PayPal, Venmo, and CashApp. The peer-to-peer payments app enables users to send and receive money in both crypto and fiat currency across more than 100 countries.

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