Reports indicate that Kraken is considering raising as much as $1 billion in debt financing in anticipation of a potential initial public offering.
The exchange is partnering with notable financial institutions such as Goldman Sachs and JPMorgan Chase to evaluate this strategic direction. According to sources, the planned debt raise could start at around $200 million and is aimed at supporting Kraken’s growth strategies rather than funding day-to-day operations.
In addition to the debt financing, Kraken is also looking into an equity raise, although no final decisions have been made and the details may change.
Founded in 2011, Kraken has seen remarkable growth, with revenue increasing by 128% to reach $1.5 billion in 2024. It also reported adjusted earnings before interest, taxes, depreciation, and amortization of $380 million.
The platform boasts over 10 million users worldwide, covering more than 190 countries and processing quarterly trading volumes that exceed $207 billion.
Kraken’s IPO Plans
Kraken’s plans for an IPO have gained momentum due to a more favorable regulatory landscape during the Trump administration. The company aims to launch its public offering by the first quarter of 2026.
This optimism is largely thanks to the recent dismissal of a lawsuit by the Securities and Exchange Commission, which accused Kraken of functioning as an unregistered securities broker. The SEC’s withdrawal of the case has removed a significant obstacle for Kraken’s ambitions to go public.
In a strategic effort to expand its offerings, Kraken announced last week that it will acquire NinjaTrader, a U.S.-based retail futures trading platform, for $1.5 billion.
This acquisition is expected to bolster Kraken’s capabilities in providing crypto futures and derivatives in the U.S. market, aligning with its broader objectives of venturing into equities trading and the payments sector.