Kraken secures $500 million investment…company valued at $15 billion

The global crypto asset (cryptocurrency) exchange Kraken has completed a $500 million funding round and was valued at $15 billion. This funding is expected to serve as a springboard for an initial public offering (IPO) planned for next year.

On the 26th (local time), crypto-focused media CoinDesk reported that the round was conducted on terms led by Kraken itself, without a lead investor. Participating investors included asset managers, venture capital firms, and co-CEO Arun Sethi, who directly invested through his firm Tribe Capital.

Since its founding in 2011, Kraken had raised only $27 million in total up to last year. However, in the second quarter of this year it showed improved performance, recording revenue of $411 million and EBITDA of about $80 million.

Under Sethi's leadership, Kraken has undergone major changes over the past year. It acquired U.S. futures trading platform NinjaTrader for $1.5 billion, adding 2 million customers and expanding its ties with traditional finance. However, ahead of the IPO, a workforce restructuring is also underway, with four senior executives leaving the company.