Instead, Kraken set the terms of the deal, including the valuation figure. Among the contributors to this funding round were various investment managers and venture capitalists, notably including the exchange co-CEO Arjun Sethi’s Tribe Capital, as well as Sethi himself in a personal capacity.
Currently, the exchange handles an impressive daily trading volume of $1.37 billion, making it the second largest in the United States after Coinbase (COIN), which already went public back in April, 2021.
However, the appetite for public offerings among crypto firms has resurged, driven by favorable regulatory developments. This shift has sparked a wave of IPO activity in the cryptocurrency sector with Circle (CRLC), and Bullish (BLSH), capitalizing on the rising interest toward crypto stocks.
Furthermore, it recently acquired the US-regulated retail futures trading platform NinjaTrader for $1.5 billion, with plans to extend its reach into the UK, Europe, and Australia.
Earlier in the year, Kraken also acquired a Cyprus-based company to secure a Markets in Financial Instruments Directive (MiFID) license, enabling it to offer derivatives across the European Economic Area (EEA).
Co-CEO Arjun Sethi emphasized the ongoing battle for the future of cryptocurrency in the US, noting a significant shift in the political climate from “fear to understanding” throughout 2025.
Featured image from Bloomberg, chart from TradingView.com
