Kraken, one of the world’s leading crypto exchanges, is reportedly looking to raise $500 million at a $15 billion valuation, according to a report from The Information.
This move comes as interest in crypto firms is picking up, and speculation about Kraken’s potential IPO is growing.
Investor demand for crypto companies is rising due to clearer regulations and institutions show growing interest.. Kraken has been expanding into new asset classes and scaling its user base. In March, it made a bold move by acquiring futures platform NinjaTrader in a $1.5 billion deal.
Now, reports suggest Kraken could be considering a public listing as early as Q1 2026. With recent IPO successes like Circle and eToro making waves, Kraken may be positioning itself for a similar move. The exchange currently handles around $1.37 billion in daily trading volume across more than 1,100 pairs, putting it at roughly half the volume of Coinbase.
Crypto IPOs are all the buzz now!
Circle went public on June 5, raising around $1.05 billion. Its debut has sparked a fresh wave of IPO activity in the industry. Trading platform eToro also made its public debut in May.
Bitgo, one of the largest crypto custody firms in the United States, also filed for an IPO in July, joining the capital market push among crypto infrastructure firms. Grayscale confidentially filed for an IPO in mid-July. Gemini and Bullish, major crypto exchanges, have also filed for IPO in June 2025.
In related news, Strategy (formerly MicroStrategy) has made headlines again, purchasing 21,021 Bitcoin after raising $2.5 billion through its fourth preferred stock offering, STRC. This marks the largest U.S. IPO of 2025 so far, topping Circle’s $1B debut in June. STRC, a Nasdaq-listed perpetual preferred stock, is set to start trading Wednesday.
Kraken is also stepping up its global presence. On July 15, it announced the launch of its new U.S. derivatives platform, giving traders access to CME-listed crypto futures through Kraken Pro. The launch follows its NinjaTrader acquisition and signals Kraken’s expansion beyond crypto, into areas like stocks, options, and prediction markets.
In June, Kraken secured approval under the EU’s Markets in Crypto-Assets (MiCA) framework, allowing it to roll out more services across the European Union.
To top it off, Kraken has climbed to the second spot globally in Kaiko’s Q2 2025 Exchange Ranking, up from third in the previous quarter. The momentum is building fast for Kraken, making it a serious contender in the global crypto trading race.
Kraken may go public as early as Q1 2026, per reports, following its $500M funding round at a $15B valuation, joining crypto IPOs like Circle and eToro.
Kraken handles $1.37B daily volume (1,100+ pairs), roughly half of Coinbase’s, but ranks #2 globally in Kaiko’s Q2 2025 exchange rankings.
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