Kraken Seeks $500M in IPO at $15 Billion Valuation, Report Says

Kraken, the second-largest US-based crypto exchange by trading volume, is reportedly planning an initial public offering (IPO) next year with a $15 billion valuation, a significant increase from its $11 billion valuation in 2022. The exchange has already started releasing its financial figures and is considering the interests of its stakeholders. A successful IPO could help Kraken attract institutional investors and support its plans to go public.

Kraken, the second-largest US-based cryptocurrency exchange by trading volume, is preparing for a potential initial public offering (IPO) in 2026. The exchange aims to raise $500 million at a $15 billion valuation, marking a significant increase from its $11 billion valuation in 2022 [1, 2]. This move comes as Kraken seeks to build momentum under its new co-CEO, Arjun Sethi, who joined from Tribe Capital in October 2024 [1].

Kraken's strategic expansion and regulatory compliance have positioned it well for a public market debut. The exchange reported $1.5 billion in revenue for the previous year, with Q1 2025 revenue reaching $472 million, a 19% increase year-over-year [1]. In March 2025, Kraken acquired NinjaTrader, adding futures trading capabilities, and in July 2025, it launched a U.S. derivatives platform, Kraken Pro, allowing traders to access CME-listed crypto futures [1]. Additionally, Kraken secured a Markets in Crypto-Assets (MiCA) license in June 2025, enabling full operations across the European Union [1].

The broader crypto industry has seen a resurgence in fundraising and public market activity. Notable examples include Circle Internet Group's $1 billion listing in June and eToro's Nasdaq debut in May. Kraken's IPO plans align with improving market conditions, including heightened institutional interest and legislative progress on crypto regulation, such as the proposed GENIUS and CLARITY Acts in the U.S. [1].

If Kraken achieves its $15 billion valuation, it would rank among the highest-valued crypto exchanges globally. The firm's expansion into traditional financial products, regulatory compliance, and global market presence further support its positioning as a key player in the crypto infrastructure space. Its consistent growth, strategic acquisitions, and favorable regulatory developments suggest a strong foundation for a public market debut in 2026 [1].

References:
[1] Kraken Seeks $500M Funding At $15B Valuation For 2026, [https://cointelegraph.com/news/kraken-seeks-500m-raise-15b-valuation-the-information]
[2] Kraken to Raise $500M in Funding at a $15B Valuation, [https://cryptonews.com/news/kraken-to-raise-500m-in-funding-at-a-15b-valuation/]