Crypto exchange Kraken is in advanced talks with a strategic investor that could lift its valuation to $20 billion, signaling strong momentum as it readies for a public debut next year.
According to Bloomberg, the potential funding would involve a $200–$300 million commitment from a single investor. The deal is not yet finalised and remains subject to market conditions; however, if completed, it would mark a significant increase from Kraken’s last valuation of $15 billion, which occurred during a $500 million round earlier this year. That round included Tribe Capital and personal investment from its CEO, Arjun Sethi.
The timing is notable: Kraken is actively positioning itself for a 2026 IPO, stepping up both acquisitions and expansion. The company recently purchased trading platform NinjaTrader for $1.5 billion, bolstering its push into tokenised assets and small business banking services across the EU under MiCA regulations.
Financially, the exchange has shown resilience amid choppy markets. Kraken reported $411 million in Q2 revenue and $80 million in post-EBITDA earnings, up 18% year-over-year. A strategic investor at a higher valuation would give it fresh credibility in the eyes of public-market investors, at a moment when rival Coinbase continues to dominate headlines.
Kraken’s $20 billion target signals confidence that crypto’s next wave of growth is not just about coins, but about exchanges scaling into global fintech platforms. If the deal holds, Kraken could enter its IPO year with more capital, more acquisitions under its belt, and a valuation that puts it firmly in the big leagues.
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