Kraken, that bustling US-based cryptocurrency exchange, has reportedly bagged a $500 million funding round, and the tally of the cash is said to wear a stratospheric hat-some say $50 billion, others whisper $15 billion-depending on whether the teacups were full of courage or merely tea. The merry brigade includes Arjun Sethi, co-CEO of Kraken, and Tribe Capital, a venture firm paraded into existence by Sethi himself, a bit of life imitating art and giving the comedy of money a brisk shiver. All this has set the IPO gossip mill whirring faster than a fan at a cricket match.
Kraken Closes $500M Funding Round, Dangles at a $15B Valuation
Kraken, one of the household crypto names in the U.S., has reportedly tidied up its latest funding round in preparation for an upcoming Initial Public Offering (IPO) move, like a butler laying out the silver for a particularly fussy guest.
Fortune, citing “a person who was not authorized to discuss the matter publicly” as a source, claims that the exchange successfully closed a $500 million funding round this month. The same source noted that the round had no primary investor and that Kraken itself set the terms, leading to the $15 billion valuation figure, if one squints through the fog and uses a good pair of opera glasses.
The referred source offered just scant details about the round itself, with undisclosed investment managers and venture capitalists taking part, in addition to Tribe Capital, a venture firm co-founded by Kraken’s co-CEO Arjun Sethi. Sethi also participated in his personal capacity, which is all very well until someone asks where the fishing is good.
Rumours about the funding round and its figures had been known since July, when reports about a possible revamp of the cryptocurrency exchange structure to go public surged, like a soufflé that never quite collapses – or so one would hope after a few sips of sherry.
Coinbase, a similar U.S. exchange, went public in 2021, during a completely different period in the crypto industry. Even so, having faced regulatory headwinds, it preserves a valuation of $78.8 billion at the time of writing, which is enough to make a bookmaker’s eye gleam with mischief.
Kraken’s main feature to attract investors is its strong business model, which, according to Sethi, is built around “pro traders and institutions.” “Features like Kraken Pro, our robust API, and advanced interfaces make us a destination for funds and high-volume clients – they use our exchange not because it’s flashy, but because it works and the liquidity is deep,” Sethi assessed, with the sort of twinkle one expects from a man who has just discovered a spare yacht in the cellar.
Nonetheless, there are concerns about the timing for a large IPO, as the current bull rally might be running on fumes. If there is indeed a crypto crash, Kraken could postpone this event, avoiding being swept away by market momentum, like a gull at high tide trying to catch a pebble that’s rolled too far out to sea. 🚢💨💸
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2025-09-26 21:57