Republic Europe offers retail investors indirect stake in Kraken ahead of exchange’s IPO

Republic Europe, the EU division of the investment platform, has introduced a first-of-its-kind offering for European retail investors: an indirect equity stake in the U.S. crypto exchange, Kraken, via a Special Purpose Vehicle (SPV). This move aims to expand access to late-stage private companies, which traditionally favor institutional investors. Kraken, which confidentially filed for a U.S. IPO after reaching a $20 billion valuation, has been active in pre-IPO preparations, including acquiring tokenization firm Backed Finance. According to Republic Europe, Kraken is a major global digital asset platform with over 13 million users, reporting $1.6 billion in 2024 revenue and $421 million in EBITDA. Investors in the SPV will indirectly benefit from Kraken's future performance, though tokenization of these SPV holdings is unconfirmed.

(Source：The Block)