The popular exchange of Kraken cryptocurrency closed a round of funding of $ 500 million, preparing the way for a long-awaited IPO now expected in 2026, Fortune reported.
The round did not include a main investor and was closed under Kraken conditions evaluating the company at $ 15 billion, Fortune said, citing a person who was not authorized to discuss the case publicly. Donors included investment managers, venture capital and Kraken Arjun Sethi CO-PDG, who also participated via his capital investment company of the tribe.
Founded in 2011, Kraken would have lifted only $ 27 million in venture capital funding until this year. It generated $ 411 million in revenue and nearly $ 80 million in post-Ebitda profits in the second quarter, according to the report.
A large part of Kraken’s transformation in the past year was led by Sethi, which, despite the sharing of the CEO title with Dave Ripley, is largely considered to be the strategic leader of the company.
Under him, Kraken acquired the US term platform Ninjatrader for $ 1.5 billion, expanding its clientele by 2 million and strengthening its presence in traditional finance.
Behind the scenes, Kraken saw a wave of management turnover, four senior executives recently leaving the company while it cuts jobs before the planned public offer.
