The move signals renewed momentum in the digital asset space, particularly among late-stage companies gearing up for public offerings.
According to The Information, the raise comes ahead of Kraken’s anticipated IPO, currently slated for early 2026. The exchange has been scaling aggressively, acquiring futures platform NinjaTrader in a $1.5 billion deal and appointing Arjun Sethi as co-CEO during a leadership overhaul last fall. In a bid for transparency, Kraken also began publishing financials, posting $1.5 billion in 2024 revenue and $472 million in Q1 2025.
Kraken’s fundraising efforts come at a time when U.S. crypto firms are re-entering capital markets following regulatory clarity under President Trump’s crypto-friendly administration. Grayscale, BitGo, and Bullish have all taken steps toward IPOs in recent months, and Circle’s recent NYSE listing further opened the door for others.
While details on Kraken’s upcoming round—such as investors or timeline—remain unclear, the broader trend is evident: crypto unicorns are once again attracting serious attention from venture and crossover investors as public markets thaw.
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