Kraken, a San Francisco-based cryptocurrency exchange, has raised $800 million in new funding and confidentially filed a draft registration statement with the U.S. SEC for a proposed initial public offering. The capital raise included a $600 million primary round led by institutional investors such as Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management, and Tribe Capital. Kraken Co-CEO Arjun Sethi’s family office also made a significant commitment.
The second portion of the funding included a $200 million investment from Citadel Securities, lifting Kraken’s valuation to $20 billion, compared with $15 billion in the primary round. Kraken said its partnership with Citadel Securities will offer “differentiated liquidity provision, risk management expertise and market structure insights.”
The company plans to use the new funding to expand into markets across Latin America, Asia Pacific, and EMEA, while broadening its product offerings through organic growth and acquisitions. Kraken has strengthened its regulatory position, including securing a UK EMI licence and integrating U.S. futures trading through its NinjaTrader acquisition. Its confidential S-1 submission follows the SEC’s decision in March 2025 to drop earlier allegations, allowing Kraken to move forward with plans for a public listing once regulatory review is complete.
