Kraken, a cryptocurrency exchange preparing for a 2026 IPO, is in talks with a strategic investor at a $20 billion valuation, Bloomberg reported today.

The discussions represent a significant jump from Kraken’s recent $500 million funding round that valued the company at $15 billion. That round included participation from Tribe Capital, with CEO Arjun Sethi investing personally to support the exchange’s expansion ahead of its planned public offering.

Kraken reported $411 million in Q2 revenue and $80 million in post-EBITDA earnings, marking an 18% year-over-year revenue increase. The exchange also acquired NinjaTrader for $1.5 billion to enhance its offerings in tokenized assets and EU SME banking under MiCA regulations.