Kraken Raises $500 Million Pushing $15 Billion Valuation Ahead of IPO

Key Highlights Kraken raises $500M and reaches $15B valuation before IPO $1.5B NinjaTrader deal adds 2M users as expansion accelerates Tokenized stocks fuel growth as IPO delays stir investor debate Kraken Secures $500M as IPO Delays to 2026 Founded in 2011, crypto exchange Kraken has raised $500 million in its latest funding round, pushing its valuation to $15 ￰0￱ company has long been preparing for an initial public offering (IPO), but the listing has now been postponed to 2026, Fortune ￰1￱ the delay, the move cements Kraken’s position among the strongest crypto exchanges preparing to go ￰2￱ Expansion and Big Deals While its recognition may trail competitor Coinbase, Kraken has carved out a reputation among professional traders and institutional ￰3￱ 2024–2025, the exchange has been on an aggressive expansion drive, securing new products, markets, and high-profile ￰4￱ one of its boldest moves, Kraken spent $1.5 billion to acquire NinjaTrader, a leading trading platform with more than 2 million users.

Co-CEO Arjun Sethi called it “the largest transaction ever combining traditional finance and crypto markets.” The deal demonstrates Kraken’s ambition to bridge traditional finance and blockchain technology on a global ￰5￱ also introduced xStocks , its tokenized shares platform featuring Apple, Tesla, and other leading ￰6￱ for these tokenized assets has surged, particularly in markets like South Africa where traditional brokerage fees exceed 10% per ￰7￱ Financials but Leadership Changes Financially, Kraken remains ￰8￱ Q2 2025, the exchange recorded $411 million in revenue and nearly $80 million in EBITDA profit, keeping it profitable during expansion.

However, internal changes have raised questions about the timing of its ￰9￱ co-founder Jesse Powell stepped down in 2022, Sethi and Dave Ripley have taken over, with Sethi emerging as the key ￰10￱ arrival brought a series of management exits, including the CTO, COO, and legal ￰11￱ insists these shifts were strategic restructuring ￰12￱ IPO Path Forward The wider crypto market is enjoying a surge of IPO activity, with Circle, Gemini, and Bullish successfully going public. Kraken’s decision to push its IPO to 2026 comes with risks, particularly if market conditions ￰13￱ investors remain optimistic thanks to its institutional-first approach. “Our model is built on professional traders and ￰14￱ Pro, our robust API, and streamlined interfaces make us the go-to exchange not for flash, but for execution and liquidity,” Sethi ￰15￱ $500 million in fresh funding and a $15 billion valuation, Kraken is betting its long-term strategy will pay off when it finally steps onto Wall Street.