The raise values the exchange at roughly $15 billion and marks its first financing since 2022.

Unlike earlier efforts, Kraken structured and led the round itself, drawing participation from venture firms and long-time backers such as Tribe Capital. Insiders say the move is designed to extend the company’s runway, tighten its IPO timeline, and reinforce its influence in an increasingly competitive exchange landscape.

The funding comes as Kraken reports strong financial performance, with Q2 revenues of $411 million and net earnings of $80 million. The exchange has expanded its dominance in fiat-to-crypto services, growing its market share to nearly 70% while also diversifying into staking, perpetual futures, stock trading, and payments.

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Founded in 2011, Kraken has long served as a bridge for European crypto markets but often trailed its larger rivals. Now, with momentum from the 2024–2025 bull cycle and renewed leadership under CEO Arjun Sethi, the exchange is pushing into new products and preparing for one of the industry’s most closely watched IPOs.

Whether Kraken can carry that momentum into a less favorable market remains to be seen. But the latest raise signals confidence that the platform has both the liquidity and institutional support to weather volatility and position itself as a public-market heavyweight by 2026.

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