Kraken may raise $500M, targeting $15B valuation

Kraken, one of the key crypto exchanges, is set to raise $500M for a $15B valuation. The long-awaited ICO may be getting closer, according to sources familiar with the matter. 

Kraken may be preparing to raise $500M for a total valuation of $15B. The long-awaited IPO may be getting closer, according to sources cited by The Information. Previously, the company was expected to place its IPO offer some time in Q1, 2026. 

Kraken has not yet confirmed its fundraising parameters, although the raise has been expected since Q1. The exchange, which has offered key infrastructure for European traders, is one of the growing list of crypto companies attempting to go public. 

The funding round, however, may also diverge from the IPO model. One of the possibilities is to gain backing for a smaller round, paving the way for an IPO at a later date. The round is comparable to the recently announced financing of treasury companies. The ability to raise for crypto purchases is another positive signal of general interest, signaling wider potential crypto adoption.

Kraken may join the trend of crypto IPOs

Crypto companies have attempted to reach out to mainstream investors, as they seek a predictable regulatory framework and mainstream adoption. Gemini has already filed for its IPO, as the exchange is expected to go public in early 2026. BitGo and Grayscale have also hinted at seeking US-based listings. 

Kraken has tapped its reputation by issuing the INK token, the native asset of its L2 network. However, the chain did not go for a high-profile raise, and may still seek public status for more predictable access to capital. 

The Ink blockchain proved to be a minor addition to the L2 ecosystem, with only a handful of tokens created. Kraken’s chain has been obscured as traders still flocked to Ethereum, Solana, BNB Smart Chain, and Base. This leaves Kraken to seek financing either through other chains, private placements, or the stock market.

Crypto IPO raises have come a full circle since the token-based ICO season, where projects deliberately wanted to avoid the usual raise process. As crypto adoption has reached the mainstream, more crypto companies have built sufficient appeal and reputation to tap the stock markets. 

The recent raises by Strategy (MSTR) and other treasury companies have also emboldened utility crypto startups and exchanges to seek public trading. 

Why does Kraken need fundraising? 

Kraken is one of the oldest crypto exchanges, with 15 years of history. The market operator posted $1.5B in revenues in 2025, and was profitable for the period. 

The potential fundraise may tap the generally bullish expectations for crypto, creating additional runway in the case of a bear market or more subdued price action. Additionally, the low float sale also raises potential doubts about favoring large-scale investors. 

Additionally, Kraken may aim to repeat the success of COIN and HOOD, using the general demand for exposure to crypto companies. COIN currently trades at $371.74, while HOOD is also up by nearly 162% in 2025, to a total of $103.32. The strong performance of top crypto-related players is boosting the drive for additional IPO. 

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