Institutional Backing Lifts Kraken To Fresh $20 Billion Valuation

Kraken has strengthened its global push with a fresh eight hundred million dollar fundraise that lifts the companies valuation to twenty billion dollars. The update arrived on Nov. 18 through a detailed post on the Kraken blog, outlining long range strategy, investor participation, and plans for new regulated products.

Good to Know

• Total funding reached eight hundred million dollars across two tranches
• Citadel Securities invested two hundred million dollars at the twenty billion dollar valuation
• Kraken reported more than one point five billion dollars in 2024 revenue and topped that in the first nine months of 2025

The latest raise reflects growing institutional interest in exchanges that combine regulated trading, tokenized financial products, custody, derivatives, and payments inside one ecosystem.

Kraken said the opening tranche included commitments from Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management, and Tribe Capital. A sizable allocation also came from the family office of Co-CEO Arjun Sethi.

A second tranche added two hundred million dollars from Citadel Securities, executed at the same twenty billion dollar valuation, reinforcing institutional confidence in the companies balance sheet and direction.

Sethi called the raise a reflection of durable conviction during a period of shifting market conditions. In a post on X, he noted that more than one hundred million dollars came from his family office, underscoring personal alignment with the companies long term plan.

Expanding A Vertically Integrated Trading Stack

Kraken operates a broad product lineup that covers spot markets, equities, derivatives, tokenized assets, staking, custody, clearing, and payments. Leadership said the new capital will strengthen this integrated structure as the company prepares for 2026.

The company raised only twenty seven million dollars in primary capital before this round, relying mainly on profitability. Kraken produced one point five billion dollars in 2024 revenue and passed that total within the first three quarters of 2025.

Recent updates show rising demand across multiple business units. Q3 results published Nov. 14 included one hundred ninety eight million dollars in adjusted EBITDA, up 28 percent quarter over quarter. Revenue for the first nine months of 2025 surpassed one point five billion dollars.

Kraken also completed its latest proof of reserves report, confirming 1:1+ backing for major assets. The audit introduced distributed validator technology for Ethereum staking for the first time.

Derivatives Expansion And Market Access Improvements

The company widened its U.S. derivatives presence through acquisitions of NinjaTrader and Small Exchange. The latter was a one hundred million dollar deal that closed in early October. These additions give traders new ways to access crypto-linked futures alongside existing stock and commodity contracts.

To support institutional demand, Kraken rolled out a new colocation service with Beeks Exchange Cloud, allowing high frequency firms to connect with lower latency and more predictable execution.

Kraken plans to expand across Latin America, the Asia Pacific region, and EMEA. New asset types, upgraded staking services, broader payment utilities, additional institutional features, and improved trading tools are all expected as part of the next phase.

FAQ

How much did Kraken raise in total?

Eight hundred million dollars across two funding tranches.

Who led the investment?

Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management, Tribe Capital, and the family office of Co-CEO Arjun Sethi. Citadel Securities added a two hundred million dollar tranche.

What is Krakens current valuation?

Twenty billion dollars.

How is Kraken performing financially?

The company reported one point five billion dollars in 2024 revenue and exceeded that total across the first three quarters of 2025.

What recent acquisitions did Kraken complete?

NinjaTrader and Small Exchange, with the latter closing at one hundred million dollars.

Where is Kraken expanding next?

Latin America, APAC, and EMEA, with more asset classes and institutional features planned.

Did Kraken complete a new proof of reserves audit?

Yes, confirming 1:1+ asset backing and adding distributed validator technology for Ethereum staking.