Kraken is reportedly set to raise half a billion dollars in funding at a valuation of $15 billion as the American crypto exchange eyes a potential public offering.
The Information reported the $500 million funding plan on Tuesday, citing people familiar with the matter, adding that Kraken was last valued at about $11 billion in 2022.
Bloomberg reported in March that Kraken was targeting a public debut as early as the first quarter of 2026, citing a more friendly regulatory environment under the Trump administration.
The company could be looking for a windfall amid a recent boom in initial public offerings, which has so far netted big money for trading platforms such as eToro and crypto stablecoin issuer Circle Internet Group.
Kraken currently has around $1.37 billion in daily trading volume and lists more than 1,100 trading pairs, according to CoinGecko. It has about half the volume of its main US-based rival, Coinbase, which has $2.77 billion and 448 trading pairs.
Kraken did not immediately respond to Cointelegraph’s request for comment.
Shares in crypto companies see big gains
Crypto companies have seen major gains this year as Bitcoin (BTC) has continued to hit new highs and investors look to gain exposure to the sector.
Circle, issuer of USDC (USDC), completed a $1 billion public offering in early June and began trading on the New York Stock Exchange for $31. It has since gained 484%, closing trading on Tuesday at over $181.
Trading platform eToro (ETOR), which offers stock and crypto trading, debuted on the Nasdaq in May at $52 and is up over 16.5% since, last closing at $60.71.
Meanwhile, Coinbase (COIN), which went public in 2021, has surged 50% since the beginning of the year. Stock trading platform Robinhood Markets (HOOD), which also offers crypto trading, has gained 162% so far in 2025.
More IPOs from regulatory green light
Kraken is the latest crypto company to reportedly eye a public listing in the wake of a wave of crypto-friendly regulations and the dismissal of regulatory lawsuits against crypto firms in the US.
The Securities and Exchange Commission dropped its long-running securities violation lawsuit against Kraken in March, one of many complaints against crypto companies the regulator has abandoned under President Donald Trump.
Related: Crypto isn’t ‘run from garages’ anymore: MEXC’s Tracy Jin on IPO boom
Other firms that have gone public or have signalled plans to go public include fintech firm Ripple, crypto exchange Gemini, digital assets and data center infrastructure firm Galaxy Digital, Grayscale and Bullish, a crypto exchange backed by Peter Thiel.
Kraken expanding into Europe
In June, Kraken debuted a peer-to-peer payments app called “Krak” that allows users to send fiat and cryptocurrency, regardless of country borders.
The firm also announced that it can now expand its offerings and across the European Union after securing a license under the Markets in Crypto-Assets framework in June.
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