Kraken's valuation soars to $20 billion: Citadel contributes $200 million, accelerating the 2026 IPO process.

The American exchange Kraken announced that it raised a total of $800 million in two phases over the past two months, with a latest valuation of $20 billion. This fundraising attracted several well-known institutions to get on board, including a $200 million strategic investment from the renowned American market maker Citadel Securities. Kraken has been expanding globally in a big way recently, also paving the way for its IPO plans in early 2026.

The fundraising has been completed in two phases, with a valuation exceeding 20 billion.

Kraken has completed a two-phase fundraising in the past two months, raising a total of $800 million, and the company's latest valuation officially reaches $20 billion.

The first phase is mainly led by several large institutions, including:

Jane Street: A US quantitative trading firm known for high-frequency and arbitrage strategies, providing liquidity in various markets.

DRW Venture Capital: The venture capital arm of DRW, focused on investing in early-stage fintech and crypto-related startups.

HSG: The American investment institution Highline Science Group focuses on technology, trading, and data.

Oppenheimer Alternative Investment Management: The alternative investment division under Oppenheimer in the United States, primarily investing in private equity, venture capital, and non-traditional assets.

Tribe Capital: A US technology venture capital firm known for investing in growth-stage technology startups, having previously invested in companies like Slack, Bolt, and Carta.

Kraken co-CEO Arjun Sethi family fund.

In the second phase, Kraken signed an agreement with Citadel Securities, which will invest $200 million strategically. Jim Esposito, the president of Citadel Securities, stated that the company looks forward to helping Kraken develop the next phase of market innovation. The collaboration will encompass liquidity provision, risk management expertise, and market structure insights.

The organizational restructuring is complete, and the M&A layout is in place before the IPO.

Kraken completed its organizational restructuring in October 2024, with Tribe Capital co-founder Arjun Sethi officially appointed as co-CEO of Kraken, leading the company alongside former CEO David Ripley. This adjustment has also become an important foundation for Kraken's simultaneous advancement in operations and fundraising plans.

Before advancing the IPO, Kraken has recently accelerated its global expansion, primarily focusing on mergers and acquisitions as its core strategy. The company has recently invested $100 million to acquire Small Exchange, aiming to create a derivatives trading platform in the United States, possibly laying the groundwork for the IPO plans in 2026.

2025 Q1 financial report exceeds last year, simultaneously supporting this round of fundraising.

According to Kraken's Q1 2025 financial report, Kraken's revenue for the quarter reached $472 million, growing 19% compared to the same period last year. Co-CEO Arjun Sethi also stated that this fundraising demonstrates investors' support for Kraken's long-term vision, emphasizing that the company's goal is to create a platform where anyone can trade any asset at any time and from any location.

( US exchange Kraken prepares for IPO listing: layoffs, acquisitions, and expansion in full swing )

This article states that Kraken's valuation has soared to 20 billion dollars: Citadel assists with 200 million dollars, and the IPO process is accelerating, expected to occur as early as 2026, first reported by Chain News ABMedia.