The funding round was part of Kraken’s final preparations for an initial public offering, Fortune reported Thursday (Sept. 25), citing unnamed sources.
Reached by PYMNTS, Kraken declined to comment on the report.
It was reported in March that the company was preparing to go public as soon as the first quarter of 2026, although those plans could change.
Kraken’s earlier plans to go public over the past several years were derailed by the President Joe Biden administration’s regulatory enforcement against Kraken and other crypto firms. However, the regulatory climate became friendlier after the inauguration of President Donald Trump.
The company told Bloomberg in that March report: “We recently disclosed 2024 financial highlights to be more transparent about our business, which is something we started by being first to publish proof of reserves, and we’re going to continue to prioritize going forward. We’ll pursue public markets as it makes sense for our clients, our partners and shareholders.”
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It was reported Jan. 31 that Kraken said its revenue more than doubled in 2024 from $671 million to $1.5 billion.
Kraken Co-CEO Arjun Sethi said at the time that the company planned to continue issuing quarterly reports, as that was something that gives Kraken “an ability to turn on the lights for when we are ready for the possibility” of an IPO.
On July 30, Kraken reported year-over-year increases of 18% in its revenue, 19% in its total exchange volume, 37% in its funded accounts, and 47% in the assets on its platform.
In a July 28 post on social platform X, Kraken said it had more than 15 million clients, 350 crypto assets and 11,000 stocks and exchange-traded funds and had become “one of the most trusted names in crypto.”
In 2025, the company has expanded its capabilities with acquisitions. It acquired trading firm Breakout earlier in September to expand its product suite for advanced traders, trading automation firm Capitalise.ai in August to allow users to automate sophisticated strategies across digital and traditional asset classes, and U.S. retail futures platform NinjaTrader in March to expand its derivatives offering.
