$15 Billion Valuation Puts Kraken Close to Coinbase

Crypto exchange Kraken has pulled in new funding that values the company at $15 billion, giving it fresh momentum as it looks ahead to a 2026 initial public offering.

The $500 million funding round shows that institutional and venture investors are still betting on Kraken’s long-term role in the industry. Its mix of acquisitions, new product launches, and stable earnings make it stand out at a time when many exchanges are facing pressure.

With a $15 billion valuation and a clear path toward a public listing, Kraken is positioning itself as a key player in the next chapter of cryptocurrency finance.

Good to know

• Kraken has now raised more than $527 million in total funding.
• The company reported $411 million in Q2 revenue with nearly $80 million in post-EBITDA earnings.
• Its $1.5 billion NinjaTrader acquisition brought two million new customers.

Founded in 2011, Kraken has long been viewed as one of the most established players in the crypto exchange world. According to a Fortune report on September 25, the latest funding round closed this month without a single lead investor. Instead, Kraken set the terms itself. Participants ranged from venture capitalists and investment managers to Tribe Capital, led by CEO Arjun Sethi, who also invested personally.

Investors were encouraged by Kraken’s steady profitability. In the second quarter, the exchange brought in $411 million in revenue alongside nearly $80 million in post-EBITDA earnings. The company has leaned on acquisitions and product development to fuel its next phase. Earlier this year, it acquired NinjaTrader for $1.5 billion, expanding its customer base by two million. On top of that, it rolled out tokenized stocks, branded as “xStocks,” designed to bridge crypto with traditional financial markets.

Kraken has been reshaping its leadership structure ever since Jesse Powell stepped down as CEO in 2022. Arjun Sethi, co-founder of Tribe Capital, stepped in to guide the company through an evolving market. He has put heavy focus on institutional trading and tokenized assets while still opening new doors for retail users. Under his leadership, Kraken has introduced advanced APIs and derivatives offerings, reinforcing its ambition to serve both professional traders and everyday investors.

At the same time, executive turnover and internal restructuring have raised questions about culture and morale inside the firm. However, industry analysts believe that Kraken’s ability to consistently generate profits and diversify its products helps keep investor confidence intact.

IPO Timing and Market Conditions

While several crypto firms including Circle, Gemini, and Bullish have already gone public this year, Kraken is opting to wait until 2026 for its IPO. The decision introduces uncertainty, as changing market cycles could impact investor appetite for cryptocurrency stocks. Still, Kraken’s valuation positions it just behind Coinbase in terms of private exchange worth, which strengthens its narrative as one of the most resilient companies in the sector.