Kraken, The U.S.-based crypto exchange, is reportedly looking to raise $500 million in fresh funding, aiming for a $15 billion valuation as it inches closer to a potential IPO.
The American exchange was last valued at $11 billion in 2022, according to The Information, which cited sources familiar with the talks. The move comes as the IPO market shows signs of heating up again, with companies like eToro and Circle Internet Group cashing in on the renewed investor appetite.
Kraken is one of the most established names in the crypto space. It currently sees about $1.37 billion in daily trading volume and offers more than 1,100 trading pairs, according to CoinGecko. That puts it behind its U.S. rival Coinbase, which handles nearly double the volume, around $2.77 billion daily, but lists fewer pairs at 448.
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With this latest funding push, Kraken appears to be positioning itself for a bigger spotlight, and possibly a public debut.
Kraken Sets Its Sights on Going Public
Circle, the company behind the USDC stablecoin, went public in early June with a $1 billion stock offering. It started trading on the New York Stock Exchange at $31 per share, and since then, its stock has skyrocketed by 484%, closing on Tuesday above $181.
Another trading platform, eToro, which lets users trade both stocks and crypto, made its Nasdaq debut in May at $52. Its shares are now up over 16.5%, recently closing at $60.71.
Coinbase, which went public back in 2021, has also had a strong year, its stock has jumped 50% since January. And Robinhood, the trading app that also supports crypto, has gained an impressive 162% in 2025 so far.
The rise in IPO activity comes as U.S. regulators appear to be taking a softer stance on crypto. Kraken is now reportedly considering going public too, following a wave of crypto-friendly decisions, including the dismissal of several legal cases.
Kraken Also Invades Europe
In March, the SEC dropped its long-running lawsuit against Kraken over alleged securities violations. This was one of several cases the agency has pulled back from under President Donald Trump’s administration, signaling a more favorable environment for crypto companies.
In June, Kraken launched a new peer-to-peer payments app called “Krak,” which lets users send both fiat and crypto across borders with ease.
That same month, Kraken also secured a key license under the European Union’s Markets in Crypto-Assets (MiCA) framework, giving the exchange the green light to expand its services across EU countries.
