TLDR:
- Kraken closed a $500M funding round at a $15B valuation as it prepares for a 2026 IPO listing.
- Tribe Capital and its co-founder Arjun Sethi were among the participants, with Sethi also investing personally.
- The exchange acquired NinjaTrader for $1.5B, adding 2M pro traders to its customer base this year.
- Kraken is building products like xStocks to attract retail users while strengthening its institutional trading business.
Kraken has pulled off one of its biggest moves yet. The crypto exchange has quietly closed a $500 million funding round, setting its valuation at $15 billion. The raise comes as the company sharpens its focus on growth and public listing plans.
Investors from major venture capital firms and asset managers joined the round. The exchange is now positioning itself for a 2026 IPO while pushing into new markets and product categories.
Kraken Funding Round and Valuation
According to Wu Blockchain, Kraken structured the round itself with no single lead investor. The $500 million raise attracted a mix of institutional players, including Tribe Capital, where co-CEO Arjun Sethi serves as chairman. Sethi personally participated in the round.
Crypto exchange Kraken has completed a $500M funding round at a $15B valuation. The round had no single lead investor and was structured by Kraken itself. Participants included investment firms, venture capital funds, and CEO Arjun Sethi’s Tribe Capital, with Sethi also investing…
— Wu Blockchain (@WuBlockchain) September 26, 2025
Kraken’s valuation now stands at $15 billion, aligning with its strategy to secure capital before going public.
Fortune reported that the company generated $411 million in revenue in Q2 and almost $80 million in post-Ebitda earnings. These figures give it one of the strongest balance sheets among crypto exchanges preparing to list.
The funds are expected to accelerate Kraken’s global expansion. The exchange has been building new trading products, acquisitions, and infrastructure to capture more market share. This year, it acquired NinjaTrader for $1.5 billion, adding 2 million professional traders to its customer base.
IPO Preparations and Leadership
Kraken’s IPO target date is now set for 2026, slightly later than many competitors who went public this year.
According to Fortune, Sethi is leading much of the IPO preparation process, shaping the company’s future direction. His background in venture capital gives him a data-driven approach to strategy and product rollouts.
The company has also seen leadership changes as part of its restructuring. Several senior executives departed during Sethi’s tenure, and the company made internal adjustments to streamline operations. Kraken stated that the changes were aimed at making the organization leaner and faster.
Beyond IPO readiness, Kraken is developing new products like xStocks, tokenized shares of popular companies tradable on-chain. This could attract retail traders in markets where traditional stock access remains expensive.
The exchange continues to focus on professional and institutional clients through its pro trading tools and liquidity services.
With crypto markets seeing renewed IPO activity, Kraken’s decision to wait may be risky, but it gives the firm more time to refine operations. The company remains one of the most established exchanges with multiple revenue streams and a strong institutional base.
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Source: https://blockonomi.com/kraken-locks-500m-round-as-ipo-countdown-heats-up/