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

Kraken is in advanced discussions to secure $200–$300 million from a strategic investor, potentially valuing the crypto exchange at $20 billion ahead of a planned public listing. The funding round, not yet finalized, follows a separate $500 million raise at a $15 billion valuation, as reported by Fortune.

The San Francisco-based exchange, working with Morgan Stanley and Goldman Sachs, targets a 2026 IPO. Kraken's aggressive expansion includes a $1.5 billion acquisition of NinjaTrader and the appointment of Tribe Capital’s Arjun Sethi as co-CEO. The firm disclosed $1.5 billion in 2024 revenue, signaling strong growth ahead of its public debut.

Kraken is also deepening its political engagement, committing $2 million to pro-crypto PACs supporting industry-aligned candidates. The move underscores its ambition to join the ranks of top-tier crypto firms preparing for public markets.