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Kraken is reportedly engaged in advanced discussions to secure between $200 million and $300 million from a strategic investor, a move that could elevate the crypto exchange‘s valuation to $20 billion in anticipation of a forthcoming public listing, as stated in a Bloomberg report on Friday.
Key Takeaways:
- Kraken is pursuing $200–$300 million in new investment, which may boost its valuation to $20 billion prior to a 2026 IPO.
- The exchange is aggressively expanding through acquisitions, new leadership, and is projected to generate over $1.5 billion in revenue for 2024.
- Kraken is increasing its political engagement, committing $2 million to pro-crypto PACs that support candidates aligned with the industry.
The funding, although not yet confirmed, follows a separate $500 million round that was quietly completed at a $15 billion valuation, according to Fortune.
This capital raise indicates Kraken’s intention to position itself among the leading crypto firms preparing for a public offering.
Kraken Aims for 2026 IPO Amid Expansion Efforts
The San Francisco-based exchange, one of the largest in the United States by trading volume, is targeting an IPO as soon as 2026.
Bloomberg reported that Kraken is collaborating with Morgan Stanley and Goldman Sachs Group to spearhead the offering.
Kraken has also been actively expanding; in March, it revealed plans to acquire the derivatives platform NinjaTrader in a deal valued at $1.5 billion.
The firm underwent a restructuring in late 2024, appointing Tribe Capital’s Arjun Sethi as co-CEO, and began disclosing financial results, showing $1.5 billion in revenue for 2024 and $472 million in Q1 2025.
JUST IN:
#Bitcoin and crypto exchange Kraken raises $500 million at a $15 billion valuation.
We are going mainstreampic.twitter.com/cUZ6CbLrCd
— Bitcoin Magazine (@BitcoinMagazine) September 26, 2025
pic.twitter.com/cUZ6CbLrCdThis week, Kraken also committed $2 million to pro-Trump crypto political action committees (PACs) in 2025, highlighting the increasing influence of digital asset firms in Washington.
In a post on X, Co-CEO of Kraken Arjun Sethi mentioned that the exchange will contribute $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).
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This decision, he stated, reflects a broader strategy by crypto companies to influence regulatory frameworks and support candidates who advocate for industry growth.
Importantly, Kraken’s latest commitment adds to its previous donations to political action committees. In January 2024, its parent company, Payward Inc., contributed $750,000 to Fairshake PAC.
Crypto IPOs Gain Momentum
Last week, BitGo officially submitted its application for an initial public offering, becoming the first dedicated crypto custodian to seek a listing on a US stock exchange.
BitGo’s IPO filing emerged amid renewed interest in crypto-related public offerings.
The digital asset sector has witnessed several significant public listings in 2025. Stablecoin issuer Circle made headlines with its IPO in June, experiencing a surge of more than sevenfold since its public debut.
Online trading platform Etoro, which includes crypto trading among its services, launched in May.
Additionally, Galaxy Digital, led by Mike Novogratz, transitioned its listing from the Toronto Stock Exchange to Nasdaq earlier this year.
Gemini, the exchange established by the Winklevoss twins, filed confidentially for a U.S. IPO in June, indicating strong market confidence in crypto exchanges going public.
More recently, Figure Technology Solutions Inc., a blockchain-focused lending platform, raised $787.5 million in its initial public offering.
The San Francisco-based company, along with key investors including Ribbit Capital, sold 31.5 million shares at $25 each, valuing the firm at approximately $5.3 billion.
Initially aiming for a lower range, Figure increased both the share count and price just days before the listing, reflecting robust investor demand.
The post Kraken Eyes $20B Valuation in Pre-IPO Funding Round: Report appeared first on Cryptonews.
