Kraken has raised $100 million at a $15 billion valuation, not long after postponing its IPO to 2026.
Cryptocurrency exchange Kraken has successfully closed a $100 million funding round, according to a Fortune report published on Sept. 25.
The raise, which values the company at $15 billion, is a major milestone as Kraken accelerates its push toward an eventual public listing.
The new funding, coming after years of relying on relatively little outside capital, will help the exchange focus more on “pro traders and institutions.”
A $15 Billion Valuation and Growing Ambitions
The funding round was structured without a single lead investor, with Kraken itself setting the terms and participants ranging from venture capital firms to investment managers. Co-CEO Arjun Sethi and his firm Tribe Capital also contributed.
The exchange reported $80 million in post-Ebitda earnings and $411 million in revenue in the second quarter alone, as per Fortune. However, it has experienced significant executive turnover, with several senior leaders departing in the past year.
The untimely exit of executives was seen as a necessary restructuring ahead of a high-stakes IPO, which has now been pushed to 2026.
Building Bridges Between TradFi and Crypto
Kraken’s strategy has increasingly focused on merging traditional finance with blockchain technology. Earlier this year, it acquired NinjaTrader for $1.5 billion, adding two million new users.
It also rolled out xStocks, tokenized shares of companies like Apple and Tesla, which can be traded on blockchains and outside the Kraken platform.
Sethi argues that tokenized assets represent the next evolution of financial markets, particularly in regions where traditional brokerage fees remain prohibitively high.
Political Advocacy as IPO Approaches
As the IPO approaches, Kraken announced a $1 million donation to the Freedom Fund PAC and pledged another $1 million to America First Digital, a pro-Trump group.
In a Sept. 23 statement, Sethi warned that regulatory uncertainty, enforcement-driven crackdowns, and restrictions on privacy tools pose existential threats to the principles of crypto.
“The fight for crypto in the United States is far from over,” Sethi wrote, arguing for self-custody, permissionless systems, and financial privacy.
Kraken decided to delay its IPO until 2026, while other crypto companies like Circle, Gemini, and Bullish have already gone public.
“Our model’s built around pro traders and institutions,” Sethi said. “They use our exchange not because it’s flashy, but because it works and the liquidity is deep.”
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