Kraken’s valuation hits $20 billion following Citadel ‘strategic investment’ as exchange pushes toward IPO

Crypto exchange Kraken announced it raised $800 million across two tranches over the past two months, resulting in a $20 billion valuation as it prepares for an initial public offering (IPO). The primary funding round included institutional investors like Jane Street and Tribe Capital, alongside a $200 million strategic investment from Citadel Securities. Citadel President Jim Esposito stated their collaboration will involve differentiated liquidity provision and risk management expertise. Kraken's co-CEO, Arjun Sethi, emphasized that the high caliber of investors reflects conviction in Kraken's mission to build regulated infrastructure for the open financial system. Kraken has been expanding globally, recently acquiring Small Exchange to launch a U.S. derivatives platform, and reported $472 million in revenue for Q1 2025, a 19% year-over-year increase.

(Source：The Block)