Crypto exchange Kraken is reportedly in talks with a strategic investor to raise capital that pushes its valuation to $20 billion ahead of a potential initial public offering (IPO). This development comes amid the crypto firms’ IPO frenzy in the US under a rather supportive administration of President Donald Trump.
Kraken Stays Focused, Follows $500M Raise With New Funding
On Friday, Bloomberg reported that Kraken has begun advanced negotiations to boost its value to $20 billion as part of fundraising efforts in view of a planned IPO. Impressively, this move follows a recent $500 million raise, which took Kraken’s valuation to $15 billion.
Bloomberg first reported on Kraken’s IPO valuation in March 2025, stating the exchange was targeting a public listing in the first quarter of 2026. Beyond capital raising, the US-based trading platform has displayed other behaviors seen in IPO preparation, such as financial statement disclosure.
Furthermore, Kraken has also expanded its product line beyond digital asset trading to include access to stocks and exchange-traded funds. While the reported funding talks remain in progress. Bloomberg expects a $200 to $300 million commitment according to sources familiar with the matter, allowing Kraken to potentially reach its target $20 billion valuation ahead of 2026.
The media house also reports that the crypto exchange has engaged the advisory services of Morgan Stanley and Goldman Sachs Group Inc. in regard to this planned IPO. Kraken is now expected to soon file an S-1 registration statement with the US Securities and Exchange Commission, as expected of any entity aiming to launch a public offering.
Crypto IPO Frenzy Continues
Kraken joins a growing list of crypto/blockchain firms seeking public funding. In 2025 alone, four other companies, namely USDC issuer Circle, blockchain lender Figure, and exchanges Bullish and Gemini, have successfully launched IPOs, indicating a significant step-up in wider investors’ interest in digital asset-focused firms.
This public market approach is widely buoyed by the pro-crypto policies of Trump. Notably, the Republican has upheld promises of creating a friendly regulatory environment for digital assets operations, as indicated by strategy changes by regulators, including the SEC and CFTC.
The 47th US President has also popularly established a Federal Bitcoin Reserve, prompting similar actions from state governments. In terms of regulations, Trump also famously signed the GENIUS Act into law, creating a regulatory framework for stablecoin issuance, operations, and use.
At press time, the total crypto market cap is valued at $3.73 trillion following the market crash seen in the last week. Notably, there has been a slight recovery of 1.11% in the past 24 hours.
