Cryptocurrency exchange Kraken has completed a funding round, securing $500 million in investments and raising its market valuation to $15 billion. Despite achieving this milestone, the company’s initial public offering (IPO) has been postponed to 2026.
This is reported by Business • Media
Strengthening Market Position and Strategic Acquisitions
Founded in 2011, Kraken is known for its focus on professional traders and institutional clients. Throughout 2024–2025, the company actively expanded its market share through a series of strategic acquisitions and the launch of new products. One of the key deals was the acquisition of the trading platform NinjaTrader for $1.5 billion, which attracted over 2 million new users. Arjun Sethi, co-CEO of the company, described this deal as “the largest that bridges traditional finance and the crypto market.”
Kraken’s primary growth strategy is based on integrating blockchain solutions to eliminate barriers in the financial system. The company aims to become a central platform that combines the best tools from traditional finance and the crypto sector. A notable example of this is the introduction of xStocks — tokenized shares of companies like Apple and Tesla, which have become available for trading through blockchain technologies. The demand for these instruments is particularly high in countries with significant brokerage fees, such as the Republic of South Africa, where the cost of purchasing traditional shares can exceed 10% of the transaction amount.
“I hope that cryptocurrency will help distribute these benefits more evenly. We have not yet achieved this goal, but the first steps have already been taken — first came stablecoins, then tokenized assets, and now tokenized shares.”
Financial Results and Management Changes
Kraken remains one of the most profitable players in the crypto market. In the second quarter of 2025, the company reported $411 million in revenue and nearly $80 million in profit after EBITDA. These figures allow Kraken to maintain its leading position ahead of the upcoming IPO.
At the same time, preparations for the IPO have been accompanied by significant management changes. Following the departure of co-founder Jesse Powell in 2022, the company’s leadership transitioned to Arjun Sethi and Dave Ripley, although key decisions are primarily made by Sethi. His arrival marked a major reorganization of the top management, which the company considers a necessary step for further development.
The cryptocurrency market is currently experiencing a wave of IPOs: companies such as Circle, Gemini, and Bullish have successfully gone public. The delay of Kraken’s IPO until 2026 creates certain risks — especially in the event of a potential change in market conditions. At the same time, investors note Kraken’s long-term potential due to its business model focused on professional and large players.
“Our model is built around professional traders and institutions. Features like Kraken Pro, our reliable API, and advanced interfaces make us an attractive destination for funds and clients with high trading volumes — they use our exchange not because it is flashy, but because it works and has high liquidity,” emphasized Sethi.
Previously, Kraken opened the opportunity for trading tokenized U.S. stocks for users in the European Union. The company continues to strengthen its position in the global market, preparing for a significant milestone — going public in 2026.