Crypto exchange Kraken targets $500 million raise at $15 billion valuation: The Information

Cryptocurrency exchange Kraken is seeking to raise $500 million at a $15 billion valuation, The Information reported Tuesday, the latest sign of renewed investor appetite for large crypto platforms.

The prospective raise comes as crypto companies re‑enter primary markets on the back of clearer U.S. policy signals and growing institutional adoption under Trump’s pro-crypto administration.

Asset manager Grayscale and crypto custodian BitGo have confidentially filed for U.S. initial public offerings in recent weeks, moves that could expand the public markets peer set for exchanges and infrastructure providers. Peter Thiel-linked exchange Bullish also submitted IPO paperwork in June, following Circle’s blockbuster listing on the NYSE.

Kraken, one of the largest U.S. crypto venues by volume, has been in expansion mode ahead of a planned public offering slated for early 2026.

In March, the firm said it would acquire futures platform NinjaTrader in a $1.5 billion deal, part of a push into derivatives and broader trading products. This followed a company restructuring in October 2024 that brought on Tribe Capital co-founder Arjun Sethi as co-CEO. Kraken also started disclosing its financials, revealing $1.5 billion in 2024 revenue and around $472 million during Q1 2025.

Tuesday’s report did not specify a lead investor, timeline, or whether the round would include secondary sales. Kraken declined to comment on the news when contacted by The Block.

Venture and crossover investors have been revisiting late‑stage crypto deals as listing pipelines reopen. The Block previously reported on a growing roster of potential crypto IPO candidates and banker outreach tied to the improving issuance window. Firms like Kraken, OKX, DCG, Gemini, DCG, Ledger, and Uphold were mentioned in the mix, according to The Funding newsletter.

Updated to include Kraken's decline to comment response.