Kraken Files Confidential IPO With SEC Amid $800M Funding

The confidential IPO filing represents a notable reversal from Kraken’s previous public stance, where co-CEO Arjun Sethi had stated just last week that the exchange was not in a rush to pursue a listing. This formal submission to the SEC places Kraken in the regulator’s review process at a time when the agency has only recently returned to full operations following a 43-day government shutdown. The timing is particularly significant as Kraken joins trading platforms Bullish and Gemini, which listed their shares in August and September respectively, and USDC stablecoin issuer Circle, which completed a major offering in June raising just over $1 billion.

Industry speculation about a potential Kraken IPO has circulated since 2024, but Wednesday’s disclosure marks the first concrete action from the exchange toward going public. The move aligns with a broader trend of crypto firms pursuing public listings since President Donald Trump returned to the White House, suggesting a potentially more favorable regulatory environment for digital asset companies seeking access to public capital markets.

Concurrent with its IPO filing, Kraken announced securing $800 million in new funding through two separate tranches. The larger portion was backed by major institutional investors including Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management, and Tribe Capital, along with a contribution from co-CEO Arjun Sethi’s family office. More significantly, the company signed a separate agreement for a $200 million strategic investment from Citadel Securities that valued Kraken at $20 billion.

This substantial capital infusion represents a dramatic scaling of Kraken’s financial resources, given that before this raise, the exchange had secured only $27 million in primary capital throughout its history. The funding will support Kraken’s ambitious plans to build out its on-chain financial infrastructure and expand globally, with particular focus on Latin America, Asia Pacific, and EMEA regions.

The partnership with Citadel Securities extends beyond mere capital investment, with Kraken disclosing that the collaboration will focus on liquidity provision, risk management, and market structure input. This strategic alignment with one of the world’s leading market makers signals Kraken’s intention to strengthen its institutional offerings and competitive positioning in the global digital asset marketplace.

Kraken’s aggressive expansion strategy has been evident throughout 2025, highlighted by its $1.5 billion acquisition of NinjaTrader, a retail futures trading platform, in March as part of its push into multiple asset classes and user growth. The company later launched its regulated crypto derivatives offering in Europe in May, supported by a Cyprus license obtained earlier in the year. Most recently, in October, Kraken continued its expansion by purchasing the Small Exchange from IG Group.

The exchange’s financial performance underscores the rationale behind both the funding round and IPO ambitions. Kraken reported $1.5 billion in revenue for 2024 and revealed it has already surpassed that amount in the first nine months of 2025 alone. This robust growth trajectory provides strong fundamental support for the company’s $20 billion valuation and positions it favorably for public market investors seeking exposure to the digital asset ecosystem.

The fresh capital will enable Kraken to expand its offerings into new asset classes, develop advanced trading tools, and enhance its staking, payments, and institutional services. This comprehensive growth strategy, combined with strategic acquisitions and global market expansion, creates a compelling narrative for investors as the company moves toward its potential public listing.