Kraken brought in $800 million over two separate raises during the past two months, lifting the company to a $20 billion valuation as it continues its path toward an eventual public listing.

The first raise attracted major institutional firms including Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management, and Tribe Capital, along with participation from the family office of co-CEO Arjun Sethi.

Citadel Securities later committed an additional $200 million in a strategic deal. Kraken has been expanding through global acquisitions ahead of a planned IPO next year, most recently purchasing Small Exchange for $100 million to support the rollout of a US derivatives platform.

The company reorganized in October 2024 when Tribe Capital co-founder Arjun Sethi stepped in as co-CEO with David Ripley.

Kraken reported $472 million in first quarter revenue for 2025, up 19% year over year, and generated $40.5 billion in trading volume last month among exchanges that support USD pairs.