Kraken completes $800 million financing, valued at $20 billion

Kraken announced on Tuesday that it has raised $800 million through two rounds of financing, bringing the company's valuation to $20 billion.

The first round of financing was led by institutional investors such as Jane Street and DRW Venture Capital, with significant investments from the family office of Kraken co-CEO Arjun Sethi. The second round received a strategic investment of $200 million from Citadel Securities. Citadel Securities will provide Kraken with differentiated liquidity, risk management expertise, and market structure insights. This round of financing will support Kraken's plans for an IPO in early 2026. Recently, Kraken has expanded its global business through acquisitions, including the $100 million acquisition of Small Exchange to launch a U.S. derivatives trading platform. The company's revenue for the first quarter of 2025 was $472 million, a year-over-year increase of 19%, with trading volume reaching $40.5 billion last month.