Kraken Secures $500M to Accelerate IPO Push and Global Expansion

In brief

• Kraken secures $500M to boost global expansion and support its planned 2026 IPO.
• The exchange achieves a $15B valuation without appointing a lead investor.
• Strong Q2 earnings and growing market share strengthen investor confidence.

Kraken finalized a $500 million self-led funding round, its largest to date, securing a valuation of $15 billion. The round, which concluded in September 2025, included participation from VCs and investment firms, as well as Tribe Capital.

Arjun Sethi, Tribe Capital CEO and Kraken co-CEO, contributed personally, further aligning his leadership with the exchange’s future direction. Kraken structured the round independently, without designating a lead investor, maintaining control over the terms and valuation.

Strong Financials and Product Growth Support Investor Confidence

The exchange posted $411 million in Q2 2025 revenue and $80 million in post-Ebitda earnings, highlighting solid profitability. These results strengthened investor confidence and justified the ambitious $15 billion valuation set by the company.

Kraken’s growing market share, particularly its 68% dominance in fiat-to-crypto conversion, supports its positioning ahead of the planned IPO. Continued revenue from staked ETH, perpetual futures, and other services has diversified Kraken’s income streams.

Leadership Restructure Prepares Kraken for Public Offering

Kraken has undergone significant leadership changes, with Sethi assuming a more prominent role since taking over as co-CEO. Internal restructuring led to executive turnover, including the CTO, COO, and legal leadership, in preparation for a leaner operational model.

The board approved Sethi’s ongoing connection with Tribe Capital, dismissing concerns of conflict of interest. His strategic focus remains on expanding product offerings like xStocks, tokenized assets, and payment services.

IPO Set for 2026 Amid Evolving Market Conditions

Kraken plans to go public in 2026, although delays have shifted its original timeline. The company aims to use the current funding to strengthen its infrastructure and scale its global operations before listing.

While competitors such as Circle and Gemini have already launched IPOs, Kraken’s broader revenue base and product scope may offer more stability. Sethi emphasised Kraken’s reliability for institutions, describing it as a hub for deep liquidity and consistent performance.

The funding round solidifies Kraken’s position as a key player in both centralised and decentralised finance, readying it for long-term public market participation.