Kraken Raises $500M at $15B Valuation, Sets Course for 2026 IPO

Crypto exchange Kraken has locked in a fresh $500 million funding round, valuing the firm at $15 billion and putting it on track for a much-anticipated 2026 initial public offering (IPO).

Strategic Growth and Expansion

The self-structured raise, backed by Tribe Capital, co-CEO Arjun Sethi, and institutional investors, pushes Kraken’s total funding to $527 million to date, according to Fortune. The company reported $411 million in Q2 revenue with nearly $80 million in post-EBITDA earnings, underscoring its profitability ahead of a public listing. Kraken has also expanded aggressively this year. Its $1.5 billion acquisition of NinjaTrader was described by Sethi as the “largest-ever combining TradFi and crypto.” Alongside, the exchange rolled out xStocks, a tokenized equities product offering exposure to companies such as Apple and Tesla — part of a broader vision to bridge stablecoins, tokenized assets, and equities under one platform.

IPO Race Among Crypto Firms

Kraken’s planned 2026 debut comes amid a wave of crypto IPOs. Circle, Gemini, and Bullish have all gone public this year, riding renewed investor appetite after a post-2021 freeze in listings. Circle in particular drew attention with one of the biggest first-day IPO surges in recent history. Analysts, however, caution that valuations may be overheated, and revenue pressures loom. Circle has already seen earnings squeezed by lower rates, while Gemini and Bullish face scale disadvantages. Declining crypto prices could also dampen sentiment heading into 2026. Still, Kraken’s diversified business model, global expansion beyond Europe and the U.K., and deep institutional focus may leave it better positioned than many rivals to weather volatility.