Kraken is reportedly planning to raise $500 million in a new funding round that would value the U.S.-based crypto exchange at $15 billion, as it prepares for a potential public listing.
According to The Information, which cited sources familiar with the matter, the company was last valued at around $11 billion in 2022. The new funding effort comes as Kraken eyes an IPO that could take place as early as the first quarter of 2026, Bloomberg reported in March, pointing to a more favorable regulatory outlook under a potential second Trump administration.
Kraken may be positioning itself to capitalize on the recent resurgence in IPO activity, which has delivered strong returns for firms like eToro and stablecoin issuer Circle Internet Group.
Currently, Kraken processes about $1.37 billion in daily trading volume and offers over 1,100 trading pairs, according to CoinGecko. That places it behind its main U.S. competitor, Coinbase, which handles approximately $2.77 billion in volume and supports 448 trading pairs.
Crypto Company Stocks Surge in Value
Crypto-related stocks have posted significant gains this year, driven by Bitcoin’s continued rally and growing investor interest in the sector.
Stablecoin issuer Circle, which launched a $1 billion public offering in early June, began trading on the New York Stock Exchange at $31 per share. Since then, its stock has skyrocketed 484%, closing Tuesday above $181.
Multi-asset trading platform eToro (ETOR), which allows both stock and crypto trading, made its Nasdaq debut in May at $52 and has since climbed over 16.5%, recently closing at $60.71.
Coinbase (COIN), which went public in 2021, is up 50% year-to-date, while Robinhood Markets (HOOD), another stock and crypto trading platform, has gained an impressive 162% in 2025 so far.
Regulatory Approvals Pave Way for More IPOs
Kraken is reportedly the latest crypto firm considering a public listing amid a surge of crypto-friendly regulations and the rollback of legal actions against industry players in the U.S.
In March, the Securities and Exchange Commission dropped its long-standing securities violation lawsuit against Kraken—one of several enforcement actions the agency has abandoned under President Donald Trump’s administration.
Several other major crypto and fintech firms have either gone public or indicated plans to do so, including Ripple, Gemini, Galaxy Digital, Grayscale, and Bullish, a crypto exchange backed by Peter Thiel.
Kraken Expands Operations into Europe
In June, Kraken launched a peer-to-peer payments app called “Krak,” enabling users to send both fiat and cryptocurrencies across borders.
The company also announced it had secured a license under the European Union’s Markets in Crypto-Assets (MiCA) framework, allowing it to expand its services throughout the EU.
