Key Highlights Kraken raises $500M and reaches $15B valuation before IPO $1.5B NinjaTrader deal adds 2M users as expansion accelerates Tokenized stocks fuel growth as IPO delays stir investor debate Kraken Secures $500M as IPO Delays to 2026 Founded in 2011, crypto exchange Kraken has raised $500 million in its latest funding round, pushing its valuation to $15 billion. The company has long been preparing for an initial public offering (IPO), but the listing has now been postponed to 2026, Fortune reported. Despite the delay, the move cements Kraken’s position among the strongest crypto exchanges preparing to go public. Rapid Expansion and Big Deals While its recognition may trail competitor Coinbase, Kraken has carved out a reputation among professional traders and institutional investors. Over 2024–2025, the exchange has been on an aggressive expansion drive, securing new products, markets, and high-profile acquisitions. In one of its boldest moves, Kraken spent $1.5 billion to acquire NinjaTrader, a leading trading platform with more than 2 million users. Co-CEO Arjun Sethi called it “the largest transaction ever combining traditional finance and crypto markets.” The deal demonstrates Kraken’s ambition to bridge traditional finance and blockchain technology on a global scale. Kraken also introduced xStocks , its tokenized shares platform featuring Apple, Tesla, and other leading companies. Demand for these tokenized assets has surged, particularly in markets like South Africa where traditional brokerage fees exceed 10% per transaction. Strong Financials but Leadership Changes Financially, Kraken remains robust. In Q2 2025, the exchange recorded $411 million in revenue and nearly $80 million in EBITDA profit, keeping it profitable during expansion. However, internal changes have raised questions about the timing of its IPO. Since co-founder Jesse Powell stepped down in 2022, Sethi and Dave Ripley have taken over, with Sethi emerging as the key decision-maker. His arrival brought a series of management exits, including the CTO, COO, and legal counsel. Kraken insists these shifts were strategic restructuring moves. The IPO Path Forward The wider crypto market is enjoying a surge of IPO activity, with Circle, Gemini, and Bullish successfully going public. Kraken’s decision to push its IPO to 2026 comes with risks, particularly if market conditions weaken. Yet investors remain optimistic thanks to its institutional-first approach. “Our model is built on professional traders and institutions. Kraken Pro, our robust API, and streamlined interfaces make us the go-to exchange not for flash, but for execution and liquidity,” Sethi said. With $500 million in fresh funding and a $15 billion valuation, Kraken is betting its long-term strategy will pay off when it finally steps onto Wall Street.
