One of the top crypto exchange platforms in the world is reportedly locking down hundreds of millions of dollars in a funding round ahead of its planned initial public offering (IPO).
According to a new report by Fortune, Kraken – a crypto exchange headquartered in Cheyenne, Wyoming with over $1.7 billion in daily trading volume – has raised $500 million as a part of its effort to go public, says an anonymous source familiar with the matter.
The report says the anonymous source noted that the fundraising round featured no primary investor and had the terms set by Kraken itself, including a valuation of $15 billion. The report says contributors include Kraken chief executive Arjun Sethi, firms associated with him, as well as unnamed investment managers and venture capitalists.
According to Kraken’s Q2 2025 financial report, the firm hauled in $412 million worth of revenue, with its EBITDA (earnings before interest, taxes, depreciation and amortization) coming in at $80 million.
Last month, Kraken met with the U.S. Securities and Exchange Commission (SEC) to discuss regulations relating to its proposal to offer a platform to trade tokenized versions of US-listed stocks and exchange-traded funds (ETFs) for its clients in some non-US markets.
At the time, The World Federation of Exchanges (WFE), a global watchdog group for exchanges, sent a letter to the SEC outlining its concerns with Kraken’s proposal, arguing that tokenized equities would fail to meet investor standards.
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