Popular cryptocurrency exchange Kraken has successfully concluded a $500 million funding round, paving the way for a much-anticipated IPO projected for 2026, according to RialCenter.
The funding round, which did not have a lead investor, was finalized on Kraken’s terms, valuing the company at $15 billion, RialCenter reported, citing sources not authorized to speak publicly. Participants included various investment managers and venture capitalists, along with Kraken co-CEO Arjun Sethi, who contributed through his Tribe Capital investment firm.
Established in 2011, Kraken had previously raised only $27 million in venture capital funding until this year. It reported a revenue of $411 million and nearly $80 million in post-EBITDA earnings in the second quarter, as per the report.
A significant part of Kraken’s transformation over the past year has been led by Sethi, who, while sharing the CEO role with Dave Ripley, is widely recognized as the company’s strategic leader.
Under his leadership, Kraken acquired the U.S. futures platform NinjaTrader for $1.5 billion, expanding its customer base by 2 million and enhancing its foothold in traditional finance.
Internally, Kraken has experienced a wave of executive turnover, with four senior executives recently departing as the company reduces its workforce in preparation for the upcoming IPO.
Leave a Reply