Kraken has reportedly raised USD 500 million in funding, securing a USD 15 billion valuation.
The funds strengthen the crypto exchange’s position amid growing speculation that it is preparing for an IPO. The funding was first reported by Fortune, which cites a source claiming that Kraken closed the funding round earlier this month.
Funds for a potential US IPO
This news also circulated back in July, when there were speculations that Kraken is seeking UAD 500 million, a move interpreted as a step towards an IPO. However, Kraken has not filed any regulatory paperwork for an IPO, and the company has yet to submit an S-1 registration statement to the US Securities and Exchange Commission (SEC), a necessary step for any US public offering.
Founded in 2011 and launched in 2013, Kraken is one of the industry’s oldest operating exchanges, processing approximately UAS 1.9 billion in trading volume over the past 24 hours. This ranks the company among the top 15 global crypto exchanges, according to CoinMarketCap.
Kraken’s reported interest in a US IPO may come as many crypto firms are planning to go public, including Circle and Gemini. The latter was over 20 times oversubscribed in its debut, raising USD 425 million. Since going public earlier this month, its market capitalisation has swelled to over USD 2.8 billion.
Figure Technology Solutions, a blockchain-based lender, also debuted on the Nasdaq under the ticker symbol ‘FIGR’. Since then, its shares have jumped by over 20%, raising its market value to over USD 8.4 billion.
IPO rush comes as friendly and favourable regulatory developments in the US, including the GENIUS Act on market structure and anti-CBDC legislation, provide greater clarity for the digital asset industry. Trump’s policies have actively promoted cryptocurrency market-friendly initiatives, as shown by open support for stablecoin projects. The US administration's active role in promoting cryptocurrency includes moves such as establishing a strategic digital asset stockpile, which is anticipated to have profound long-term effects on both domestic and international financial markets.
