Popular U.S. crypto exchange Kraken confirms rumours of the confidential IPO application in progress. Its strategic moves have attracted $200 million funding from a serious institutional partner – Deutsche Börse.
Speaking at the Semafor World Economy conference in Washington, D.C. on Tuesday, Kraken co-CEO Arjun Sethi revealed that the crypto firm has confidentially filed for a U.S. initial public offering (IPO).
This announcement confirms earlier CNBC reports on the matter. Notably, since the time first media Kraken IPO rumours appeared, estimated valuation of the digital asset exchange has significantly downgraded. In November 2025, when public market debut came to light, Kraken announced an $800 million dual-tranche raise at a $20 billion valuation. Today, the company’s worth is reportedly only about $13.3 billion.
The said number is widely circulating with regards to Kraken’s fresh fund raise. Through a secondary share purchase, Deutsche Börse Group is making a $200m investment in Kraken. The move also gives the German exchange operator a 1.5% fully diluted ownership stake in Kraken’s parent company, Payward, Inc.
Having secured billion dollars in the last 6 months, Kraken plans to deepen its regulatory footprint, expand into new regional markets across Latin America, Asia Pacific, Europe, the Middle East and Africa, and broaden its product suite both organically and via targeted acquisitions. It has already made history as the first cryptocurrency exchange granted a Federal Reserve master account, that gives direct access to the Federal Reserve’s core payments system.
For Deutsche Börse, Kraken stake serves as a next step on its path towards deeper crypto market involvement. The exchange has launched several high-profile digital asset initiatives in the last few years. In 2024, it introduced a regulated spot crypto asset trading platform targeted at institutional clients. Called Deutsche Börse Digital Exchange (DBDX), the platform offers institutional trading, settlement, and custody of crypto assets. Last year, German market operator struck the SG-FORGE stablecoin partnership to integrate SG-FORGE’s EUR and USD CoinVertible stablecoins as a payment and settlement means within its traditional financial market infrastructure.
Kraken in Numbers (2025)
- Total Revenue $2.2B (+33% YoY)
- Users 13M
- Funded accounts 5.7M (+50% YoY)
- Yearly trading volume $2T (+34% YoY)
- 24h Volume $1.86B
- Platform Assets $48.5B (+12% YoY)
- Adjusted EBITDA $531M
- Supported Coins 530+
- Trading Pairs 1,271
