Kraken Secures $500M Funding At $15B Valuation Amid IPO Rumors

Cryptocurrency exchange Kraken has reportedly completed a $500 million funding round at a $15 billion ￰0￱ raise comes amid growing rumors that the exchange is preparing for an initial public offering (IPO). The funding round involved participation from several firms and investors, and did not have a lead ￰1￱ Raised $500M Ahead Of Potential IPO Kraken has raised $500 million at a $15 billion valuation as speculation about an initial public offering ￰2￱ funding significantly strengthens the exchange’s financial position, and was first reported by a report in Fortune, which cited a source close to the ￰3￱ report also stated that the funding round had no lead investor and was closed on Kraken’s ￰4￱ in the funding round included venture capital firms, investment managers, and Kraken co-CEO Arjun Sethi, who invested through his Tribe Capital ￰5￱ joined Kraken as co-CEO after co-founder Jesse Powell stepped down in 2022, following a federal investigation into his role at a Sacramento-based ￰6￱ had named Dave Ripley as his successor after stepping down.

However, the exchange announced Sethi’s appointment as co-CEO last ￰7￱ is responsible for Kraken’s growth over the past ￰8￱ Still Pending Kraken is yet to file any official paperwork for a public listing. However, several of the exchange’s actions are consistent with companies preparing for an IPO. However, it has yet to submit an S-1 registration statement to the United States Securities and Exchange Commission (SEC). The S-1 registration statement is a necessary step before any public offering in the ￰9￱ is one of the oldest exchanges in the cryptocurrency market and was launched in ￰10￱ exchange ranks among the top 15 global cryptocurrency exchanges and processed around $1.9 billion in trading volume, according to data from CoinMarketCap.

Crypto’s IPO Obsession Kraken’s public offering comes amid a surge of crypto firms becoming public. Gemini, the Winklevoss brothers-founded exchange, recently went public, and was 20 times oversubscribed during its Nasdaq ￰11￱ exchange raised $425 million on its Nasdaq debut, and its market capitalization has ballooned to $2.8 billion since going public. Meanwhile, USDC issuer Circle completed a billion-dollar IPO in June, with its shares surging 167% on opening day. Blockchain-based lender Figure Technology Solutions also registered an impressive debut, with its market capitalization rising above $8 billion since going ￰12￱ custodian BitGo has filed S-1 registration documents with the ￰13￱ company plans to list its Class A common stock on the New York Stock Exchange.

Disclaimer: This article is provided for informational purposes ￰14￱ is not offered or intended to be used as legal, tax, investment, financial, or other advice