Cryptocurrency exchange Kraken is reportedly exploring the possibility of raising up to $1 billion in debt as it prepares for a potential initial public offering (IPO), according to a Bloomberg report citing anonymous sources.
The fundraising effort is still in early stages, with Kraken said to be working alongside banking giants Goldman Sachs and JPMorgan Chase. The two firms have begun reaching out to other banks and direct lenders to gauge interest, the sources said.
While the target amount is $1 billion, one source noted that the raise could be significantly smaller—potentially as low as $200 million.
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Kraken’s $1B Debt Raise Aimed at Fueling Growth
The debt funding is intended to support Kraken’s growth strategy rather than cover operational costs. The company is also considering a possible equity raise as part of the broader capital strategy, though no final decisions have been made and terms remain subject to change.
Based in San Francisco and officially operating as Payward Inc., Kraken is led by co-CEOs Arjun Sethi and David Ripley. The company is reportedly eyeing a public listing as early as the first quarter of next year, amid a more favorable regulatory outlook under the current U.S. administration.
In January, Kraken disclosed that its 2024 revenue had surged to $1.5 billion, a 128% year-over-year increase. The company also reported $380 million in adjusted EBITDA.
As reported, the exchange is preparing for an initial public offering (IPO) as early as the first quarter of 2026.
Bloomberg: Crypto exchange Kraken said to seek IPO as soon as Q1 next year
Kraken IPO inkocoming baby! That will give them so much marketing and funding to invest in Ink! pic.twitter.com/yUAu2VLPEB
— Ink Wizard (@0xInkWizard) March 8, 2025
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Kraken Nears $1.5B Acquisition Of NinjaTrader To Expand US Crypto Futures
Kraken recently made headlines after agreeing to acquire retail futures trading platform NinjaTrader in a $1.5 billion deal. The deal could be officially announced as early as 20 March 2025.
The potential acquisition comes just weeks after the U.S. Securities and Exchange Commission (SEC) dropped its lawsuit against Kraken on March 3.
The lawsuit had accused Kraken of operating as an unregistered broker, dealer, and exchange, but the case was dismissed without penalties or required changes to Kraken’s business model.
The regulatory environment in the US is shifting in favor of crypto-friendly policies, with President Donald Trump pledging to make the US the “crypto capital” of the world. Kraken is among the firms that could benefit from this shift as it looks to expand its operations.
Founded in 2011 by Thanh Luu, Michael Gronager, and former CEO Jesse Powell, Kraken remains a major player in the crypto exchange market.
Under current CEO Amir Orad, Kraken ranks among the top seven to 15 largest crypto exchanges by spot trading volume, handling daily trades between $390 million and $4.4 billion, according to CoinGecko data.
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Key Takeaways
- Kraken is considering raising up to $1 billion in debt to support growth ahead of a potential IPO.
- The funding round is still in early stages, with Goldman Sachs and JPMorgan involved.
- Kraken’s expansion plans include a $1.5B acquisition of NinjaTrader and potential IPO in early 2026.
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