Kraken in talks for $200-300M funding at $20B valuation for 2026 IPO

Kraken, the San Francisco cryptocurrency exchange, closed a $500 million private funding round in September that valued the company at about $15 billion and is now reported to be in separate talks to raise an additional $200 million to $300 million at a potential $20 billion valuation as it prepares for an initial public offering in 2026. The $500 million raise, which included participation from investment firms and from co‑CEO Arjun Sethi in a personal capacity, was completed without a lead investor and on terms set by Kraken, according to people briefed on the deal.

Company disclosures and reporting show Kraken has published strong recent results that helped draw investor interest. Several reports cited second quarter 2025 revenue of roughly $411 million to $412 million and nearly $80 million in adjusted EBITDA or post‑EBITDA earnings. Separately, some accounts pointed to broader figures — including about $1.5 billion in revenue for 2024 and roughly $472 million in first quarter 2025 revenue — underscoring differences in how financials have been reported or tallied across outlets and quarters.

Bloomberg and other outlets reported that Kraken is in advanced discussions with a...