Kraken Secures $500 Million Funding Ahead of 2026 IPO

Kraken has completed a $500 million funding round at a $15 billion valuation, a milestone that puts the cryptocurrency exchange on course for a targeted 2026 initial public offering (IPO). The development comes as several crypto firms rush to go public, with Circle, Gemini, and Bullish debuting earlier this ￰0￱ Builds on Product Growth and Vision According to a Fortune report, the raise was made through a self-structured round that included participation from Tribe Capital, co-CEO Arjun Sethi, and other institutional ￰1￱ exchange has now raised a total of $527 million to date, as it prepares for a planned IPO in ￰2￱ in 2011, Kraken has become a preferred platform for professional and institutional ￰3￱ exchange reported $411 million in second-quarter revenue and nearly $80 million in post-EBITDA ￰4￱ company has also expanded through acquisitions and new ￰5￱ this year, Kraken bought NinjaTrader for $1.5 billion and launched xStocks, which tokenizes shares of companies like Apple and Tesla.

Co-CEO Arjun Sethi called the NinjaTrader deal the “largest-ever combining TradFi and crypto,” outlining a vision to combine the two under one ￰6￱ also spoke of Kraken’s broader vision, telling Fortune that the progression from stablecoins to tokenized assets and now tokenized equities is part of the firm’s plans to make financial markets more ￰7￱ added that the exchange is designed with professional traders and institutions in mind, emphasizing its liquidity and reliable infrastructure as key strengths for high-volume ￰8￱ Firms IPO Race Heats Up The planned 2026 listing comes at a time when crypto firms are moving quickly to go ￰9￱ a year-long freeze in IPO activity after the 2021 valuation boom, the market has reopened this year with strong ￰10￱ issuer Circle recorded one of the largest first-day surges in corporate IPO history, while Gemini and Bullish also completed successful ￰11￱ Kraken, the decision to wait until 2026 could test investor patience, especially if market conditions ￰12￱ point to signs that stock prices are overvalued and warn that newly listed digital asset firms may struggle with business ￰13￱ is already facing revenue pressure from falling interest rates, while Gemini and Bullish have smaller user bases than competitors such as Kraken and ￰14￱ crypto prices could further threaten ￰15￱ the concerns, Fortune said that the company’s diversified business model and growing presence outside its core European and ￰16￱ leave it better positioned than most peers to survive shifts.