Crypto Exchange Kraken Raises $800 Million at a $20 Billion Valuation

US cryptocurrency exchange Kraken is flush with cash again, thanks to an $800 million funding round announced on Tuesday.

Kraken said it has secured the financing in two tranches. The primary investment was led by major institutional players including Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management and Tribe Capital, with additional support from Kraken Co-CEO Arjun Sethi’s family office.

A separate strategic investment of $200 million from Ken Griffin’s Citadel Securities was agreed upon at a valuation of $20 billion, the company said. In July, The information reported on a planned fundraising of $500 million at a valuation of $15 billion, but the bottom line turned out to be greater.

“This investment represents a long-term commitment to Kraken’s mission to build a trusted, regulated infrastructure for the open financial system,” said Sethi. “Our focus has always been simple: create a platform where anyone can trade any asset, anytime, anywhere. The caliber of our new investors reflects both the scale of the opportunity before us and the deep alignment around how to build this infrastructure.”

Kraken had not previously relied heavily on funding, raising just $27 million in primary capital before this round, the report said. The exchange generated $1.5 billion in revenue in 2024, and said it surpassed that amount in the first three quarters of 2025.

The company said the new capital will fund global expansion into Latin America, Asia Pacific and EMEA, while expanding Kraken’s product offering beyond cryptocurrency to include additional asset classes, advanced trading tools, expanded payment services and enhanced institutional capabilities.

Kraken has been considering an IPO for a long time Bloomberg reported in March that the company was eyeing a go public in early 2026.