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Kraken has completed a $500 million funding round, valuing the crypto exchange at $15 billion, and marking a major step toward a potential initial public offering now expected in 2026. The round, first reported by Fortune, included investment managers, venture capital firms, and co-CEO Arjun Sethi through his firm Tribe Capital. Founded in 2011, Kraken has long been seen as a counterweight to Coinbase, building a reputation among professional traders and institutions. For years, the company relied on little outside capital, raising just $27 million prior to this year. The $500 million raise signals a more aggressive approach to capital as it prepares for public scrutiny. Sethi, who became co-CEO in October 2024, has driven an overhaul of the company’s leadership and strategy. His arrival coincided with the departure of senior executives, including the CTO, COO, sales leads, and general counsel. While Kraken has described the restructuring as an effort to streamline operations, some insiders told Fortune the changes hurt morale and reinforced Sethi’s control, even as co-CEO Dave Ripley retained his title. The company has expanded through acquisitions and product launches, most notably its $1.5 billion purchase of NinjaTrader in 2025, which Sethi called the largest-ever deal combining traditional finance and crypto. Kraken also launched “xStocks,” tokenized shares of companies like Apple and Tesla, which have found early traction in markets such as South Africa. Recent financial disclosures show $411 million in second-quarter revenue and nearly $80 million in post-Ebitda earnings, underscoring Kraken’s profitability. Yet investor pressure is mounting. With peers such as Circle and Gemini already public, some fear waiting until 2026 could leave Kraken exposed if the market cools. Sethi has maintained that the company will only go public if conditions benefit users and shareholders, but the latest raise suggests Kraken is positioning itself to move quickly…

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Filed under: News - @ September 26, 2025 2:28 pm