Kraken Eyes $20B Valuation in Pre-IPO Funding Round: Report

Kraken is reportedly in advanced talks to raise between $200 million and $300 million from a strategic investor in a move that could value the crypto exchange at $20 billion ahead of a planned public listing, according to a Bloomberg report on ￰0￱ Takeaways: Kraken is seeking $200–$300 million in new funding, potentially raising its valuation to $20 billion ahead of a 2026 ￰1￱ exchange is expanding aggressively, with acquisitions, new leadership, and over $1.5 billion in 2024 ￰2￱ is stepping up its political involvement, pledging $2 million to pro-crypto PACs supporting industry-aligned ￰3￱ funding, while not yet finalized, follows a separate $500 million round quietly completed at a $15 billion valuation, as reported by ￰4￱ capital raise signals Kraken’s push to position itself among the top-tier crypto firms preparing to go ￰5￱ Targets 2026 IPO Amid Expansion Plans The San Francisco-based exchange, one of the largest in the US by volume, is aiming for an IPO as early as ￰6￱ noted that Kraken is working with Morgan Stanley and Goldman Sachs Group to lead the ￰7￱ has also been aggressively ￰8￱ March, it announced plans to acquire derivatives platform NinjaTrader in a $1.5 billion ￰9￱ firm restructured in late 2024, appointing Tribe Capital’s Arjun Sethi as co-CEO, and began publishing financials, revealing $1.5 billion in revenue for 2024 and $472 million in Q1 ￰10￱ IN: #Bitcoin and crypto exchange Kraken raises $500 million at a $15 billion ￰11￱ are going mainstream ￰12￱ — Bitcoin Magazine (@BitcoinMagazine) September 26, 2025 This week, Kraken also pledged $2 million to pro-Trump crypto political action committees (PACs) in 2025, indicating the growing influence of digital asset firms in ￰13￱ a post on X, Co-CEO of Kraken Arjun Sethi noted that the exchange will donate $1 million to the Digital Freedom Fund (DFF) and another $1 million to venture firm Andreessen Horowitz’s advocacy initiative, the America First Digital (AFD).

The decision, he said, reflects a broader strategy by crypto companies to shape regulatory frameworks and support candidates who back industry growth. Notably, Kraken’s latest pledge adds to its earlier contributions to political action ￰14￱ January 2024, its parent company, Payward Inc., donated $750,000 to Fairshake ￰15￱ IPOs Gain Momentum Last week, BitGo officially filed for an initial public offering , becoming the first dedicated crypto custodian to pursue a listing on a US stock exchange. BitGo’s IPO filing came amid renewed momentum for crypto-related public ￰16￱ digital asset space has seen several notable public listings in ￰17￱ issuer Circle made a splash with its IPO in June, surging more than sevenfold since going ￰18￱ trading platform Etoro , which offers crypto trading among its services, debuted in ￰19￱ addition, Galaxy Digital, led by Mike Novogratz, moved its listing from the Toronto Stock Exchange to Nasdaq earlier this year.

Gemini, the exchange founded by the Winklevoss twins, filed confidentially for a ￰20￱ in June, signaling strong market confidence in crypto exchanges going ￰21￱ recently, Figure Technology Solutions Inc., a blockchain-focused lending platform, raised $787.5 million in its initial public ￰22￱ San Francisco-based company, alongside key backers including Ribbit Capital, sold 31.5 million shares at $25 apiece, valuing the firm at roughly $5.3 ￰23￱ targeting a lower range, Figure increased both the share count and price just days before the listing, signaling strong investor demand.