TLDR
- Kraken raised $500 million in a recent funding round, bringing its valuation to $15 billion.
- The funding round closed in September 2025 without a lead investor, with Kraken setting its own terms.
- Kraken reported $411 million in revenue and nearly $80 million in post-EBITDA earnings in Q2 2025.
- The company’s fresh capital will help fuel its growth and upcoming 2026 initial public offering (IPO).
- Kraken has been expanding through strategic acquisitions, including the $1.5 billion purchase of NinjaTrader.
Kraken has raised $500 million in a recent funding round, boosting its valuation to $15 billion. This round, which closed in September 2025, had no lead investor. Kraken itself set the terms for the round, and several investors participated, including Tribe Capital and Kraken CEO Arjun Sethi in a personal capacity.
Kraken’s Strategy for Growth and IPO
Kraken, a cryptocurrency exchange founded in 2011, aims for a 2026 initial public offering. This funding will fuel Kraken’s next phase of growth, with its increasing focus on tokenized assets and institutional trading. The company’s profitability has been a key factor in attracting investment. Kraken reported $411 million in revenue for the second quarter of 2025, alongside nearly $80 million in post-EBITDA earnings.
The $500 million round pushes Kraken’s total funding to over $527 million since its inception. With this fresh capital, Kraken is strengthening its position as one of the most valuable private cryptocurrency exchanges. The company’s valuation now stands second only to Coinbase, one of its key competitors. Analysts are confident in Kraken’s ability to weather market volatility due to its established reputation and diversified revenue streams.
CEO Arjun Sethi Strengthens Kraken’s Institutional Focus
Kraken has been expanding through strategic acquisitions, including its $1.5 billion purchase of NinjaTrader, which added two million new customers to Kraken’s user base. The company has also rolled out new products, such as tokenized stocks, aiming to bridge the gap between cryptocurrency and traditional financial markets.
CEO Arjun Sethi, who took over after co-founder Jesse Powell’s departure in 2022, has focused on enhancing Kraken’s institutional offerings. These include advanced APIs and derivatives aimed at institutional clients. Kraken has also entered the retail market, expanding its reach across different customer segments.
Despite a shift in focus, Kraken has faced challenges, including internal restructuring and executive turnover. While these changes raised concerns, investors remain confident in Kraken’s long-term prospects.
