Republic Europe Offers Retail Investors Indirect Stake in Kraken Ahead of Exchange's IPO

Republic Europe, the EU division of the investment platform, has launched a new product that allows retail investors to gain indirect exposure to Kraken according to reports. The initiative is part of a broader effort to expand access to private markets traditionally reserved for institutional investors. This move reflects growing interest in private equity and alternative investments among individual investors.

Kraken, a U.S.-based cryptocurrency exchange, is preparing for an eventual IPO. The exchange filed for a U.S. IPO in November 2025, and since then, it has made several strategic moves, including the acquisition of tokenization firm Backed Finance in December as reported. These actions are part of Kraken's pre-IPO strategy to strengthen its market position.

The Kraken SPV offering is designed to bring private market opportunities to retail investors. The product allows investors to hold an indirect interest in Kraken's equity, potentially benefiting from the company's future performance. This approach is intended to make private market quality accessible to a broader audience, a challenge as many companies remain private for longer periods.

Why Did This Happen?

The SPV offering reflects a growing trend to democratize access to private markets. As companies stay private for extended periods, the most significant wealth creation opportunities are often out of reach for individual investors. Republic Europe aims to bridge this gap by offering structured products that provide exposure to late-stage private companies.

Kraken has grown into one of the world's largest digital asset trading platforms. The exchange reported over 13 million users globally as of 2026 and generated $1.6 billion in revenue in 2024, representing a 138% year-over-year increase. The exchange also reported EBITDA of $421 million, highlighting its strong financial performance and growth potential.

What Are Analysts Watching Next?

The SPV offering includes strategic backing from firms like Citadel Securities and Jane Street. This support signals confidence in Kraken's business model and future prospects. Investors are closely watching how the SPV performs and whether it can provide a viable alternative to direct equity investments in private companies.

The Kraken SPV may offer investors an opportunity to participate in the company's growth before its eventual IPO. While Republic Europe has not confirmed whether investors will be able to tokenize their SPV holdings, this feature could further enhance the product's appeal. Tokenization is gaining traction as a way to streamline ownership and improve liquidity for private market investments.

What's the Broader Context?

The move by Republic Europe is part of a broader shift toward alternative investments and structured products for retail investors. As more companies remain private, the need for innovative investment vehicles that bridge the gap between private and public markets becomes more pronounced. This trend is particularly relevant in the digital asset space, where growth and innovation are accelerating.

The Kraken SPV is expected to attract a diverse range of investors, including those who may not have traditionally had access to private market opportunities. This product could also influence how other platforms and investment vehicles approach private market exposure for individual investors.

Investors who join the waitlist for the Kraken SPV will be notified when the vehicle formally opens for investment. The offering is still in its early stages, and interested parties are encouraged to monitor updates as the product develops. The potential for future returns and exposure to a growing digital asset exchange makes the Kraken SPV an interesting option for investors seeking alternative opportunities in the current market environment.