Milan, September 26, 2025 — According to a report partially confirmed by international journalistic investigations such as Reuters, Kraken has reportedly closed a funding round of $500 million, which would bring the company’s total valuation to approximately $15 billion.
The exchange, founded in 2011 and operational since 2013, has not officially confirmed the operation: it has “declined to comment” to the press, as also reported by other specialized outlets.
Factbox — The Essential Numbers
- Round amount: $500 million
- Valuation: approximately $15 billion (Cointelegraph)
- Foundation: 2011 — Operational launch: 2013
- 24h Volume: ~$1.9 billion (CoinMarketCap, data recorded on 09/26/2025, at 08:30 CEST)
- Positioning: among the top 15 exchanges by global volumes
According to the data collected by our editorial team by cross-referencing research on EDGAR, CoinMarketCap, and industry reports (editorial verification 09/26/2025), Kraken maintains daily volumes around $1.9 billion and a stable position in the global ranking.
Market analysts observe that rounds of this magnitude are frequently aimed at covering compliance costs and improving governance in anticipation of an S-1 filing for listing.
What We Know So Far
The report indicates that the closing of the round would have occurred “during the month.” The names of the investors have not been disclosed, and official documents related to the round are not yet available.
In this context, speculations are multiplying: Kraken might be preparing the ground for a possible stock market listing, with some sources even suggesting an IPO as early as 2026 (Coinpedia).
It should be noted that, when asked for comment by the press, Kraken “declined to comment,” reinforcing the hypothesis that the operation is still in a confidential phase pending official announcements.
Why this step weighs on the path to the Stock Exchange
In fact, the capital injection of $500 million enhances the exchange’s financial solidity, covering compliance costs and strengthening governance in anticipation of a future filing for listing.
For institutional investors, the signal is one of preparation for the stricter standards required of a listed company.
However, the absence of details regarding the investors and the structure of the operation currently limits a clear view of the negotiated conditions and the final valuation.
Rules and documents: no S-1 with the SEC at the moment
For a listing in the United States, it is necessary to file the Form S‑1 with the SEC. Currently, there are no S‑1 filings associated with “Kraken” or “Payward” in the EDGAR searches (editorial check 09/26/2025, 09:00 CEST). Without an official filing, the hypothetical timeline of the IPO remains uncertain.
In the meantime, the U.S. regulatory context — with ongoing debates on stablecoins and market structure — could positively influence the dossiers of crypto companies preparing for listing.
The context: precedents and market window
The direct listing of Coinbase in 2021 remains emblematic, marking the entry of crypto platforms into regulated markets.
In recent months, the window for IPOs in the tech/fintech sector in the USA has shown alternating phases, with valuations recovering despite rate volatility and ongoing regulatory adjustments.
The demand for digital assets has returned to a cyclical pattern, with volumes recovering; meanwhile, investors and market operators are closely monitoring profitability prospects, internal controls, and potential legal risks.
Potential Impact for Kraken
If confirmed, the $500 million round would increase Kraken’s financial capacity, allowing it to more easily support prudential requirements and expand its product offerings in key jurisdictions. In this sense, more capital also means more investments in security and internal controls by the exchange.
However, the estimated valuation of $15 billion will have to contend with industry multiples and market sentiment at the time of the IPO, with the risk that a delta between private value and public value may require a potential price adjustment during the listing process.
Signals to Monitor
- The publication of an S-1 filing on SEC EDGAR (under issuer: Payward/“Kraken”)
- Updates on governance processes, audited financials, and transparency policies
- Changes in trading volumes and market share compared to major competitors (daily data on CoinMarketCap and similar)
- Regulatory developments in the USA related to stablecoins and market structure
In summary, the prospect of an IPO for Kraken is strengthened by the recent funding round; however, without an official filing with the SEC and formal statements, the listing remains a prospect under construction.
We will continue to follow the updates and verify the official documents as soon as they are made available on EDGAR or through company announcements.