Kraken preps $500M raise at $15B valuation ahead of 2026 IPO

Kraken, the American cryptocurrency exchange, is reportedly preparing a $500 million funding round at a $15 billion valuation, signaling its intent to pursue an initial public offering as early as the first quarter of 2026. The funding plan, first reported by The Information, marks a 36% increase from Kraken’s last valuation of $11 billion in 2022 [1]. This move aligns with broader optimism in the crypto sector, where recent public market successes—such as Circle Internet Group’s $1 billion IPO in June and eToro’s 16.5% stock surge since its May Nasdaq listing—have demonstrated investor appetite for crypto-related equities [1].

Kraken’s daily trading volume currently stands at $1.37 billion, according to CoinGecko data, with over 1,100 trading pairs listed. This figures represent roughly half the volume of its primary U.S. competitor, Coinbase, which processes $2.77 billion daily across 448 trading pairs [1]. The exchange’s expansion strategy has also gained momentum, including a June launch of a peer-to-peer payments app called “Krak” and a Markets in Crypto-Assets (MiCA) license secured in June, enabling broader operations across the European Union [1].

Regulatory developments have further bolstered Kraken’s public listing prospects. In March, the Securities and Exchange Commission dismissed its long-running securities violation lawsuit against the firm, a decision attributed to the Trump administration’s broader approach to crypto regulation. This follows similar dismissals of regulatory actions against other crypto companies, creating a more favorable environment for potential IPOs [1]. The SEC’s decision, combined with a wave of regulatory clarity in the U.S., has positioned Kraken as a candidate to join a growing list of crypto firms seeking public market access, including Ripple, Gemini, and Grayscale [1].

The timing of Kraken’s fundraising and IPO ambitions coincides with a broader bull market for crypto assets. Bitcoin (BTC) has reached record highs in 2025, while crypto-related stocks, such as Coinbase (up 50% year-to-date) and Robinhood (up 162%), have surged alongside investor enthusiasm for digital asset exposure [1]. However, analysts caution that Kraken’s path to a public listing remains contingent on sustaining current trading volumes and navigating the evolving regulatory landscape [1].

Source: [1] Kraken seeks $500M at [1] Kraken seeks $500M at $15B valuation ahead of rumoured 2026 IPO: Report, 5B valuation ahead of rumoured 2026 IPO: Report,[https://cointelegraph.com/news/kraken-seeks-500m-raise-15b-valuation-the-information?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound]