Kraken seeks $1B funding ahead of possible IPO

Cryptocurrency exchange Kraken is reportedly seeking to raise between $200 million and $1 billion ahead of a potential initial public offering, Bloomberg reported on March 24, citing anonymous sources.

The exchange is said to be in early talks with Goldman Sachs and JPMorgan Chase to arrange the debt package.

According to Bloomberg, the funds would be used to support Kraken’s growth rather than cover operational costs.

Kraken’s IPO plans have been under discussion for over a year, with reports suggesting it could take place in early 2026 following recent political shifts in the United States.

The exchange reported $1.5 billion in revenue for 2024, marking a 128% increase from the previous year.

It also recorded adjusted earnings of $380 million and processed over $1.1 billion in daily trading volume, according to CoinMarketCap.

In a move to expand its market presence, Kraken recently acquired futures brokerage NinjaTrader for $1.5 billion.

NinjaTrader, established in 2003, is registered with the US Commodity Futures Trading Commission and specialises in futures trading.

The acquisition aligns with Kraken’s strategy to diversify its services beyond cryptocurrencies into multi-asset offerings, including equities and payments.

The evolving US regulatory environment has also influenced Kraken’s operations.

Following eased regulatory pressures, the exchange resumed crypto staking services in the country after nearly two years.

Clients in 37 states now have access to staking options for 17 cryptocurrencies, including Ether (CRYPTO:ETH) and Solana (CRYPTO:SOL).