This Kraken company profile covers the company's valuation, revenue, funding rounds, investors and history. Kraken works in crypto and fintech, with a focus on crypto exchange and multi-asset trading. It was founded in 2011 and is headquartered in San Francisco, California, United States. Its latest valuation on record is About US$13.3 billion (reported) (April 2026). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.
Revenue
About US$2.2 billion adjusted revenue — Annual adjusted revenue, 2025 (company-reported), as of 2025. Source: DL News.
| Metric | Value | As of | Source |
|---|---|---|---|
| Later secondary marks | Secondary market estimates in April 2026 put Kraken's value at about US$13.3 billion | April 2026 | Capital.com |
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Nov 2025 | Equity round (two tranches) | US$800M | US$20B | Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management, Tribe Capital; Citadel Securities (US$200M strategic) | Decrypt |
| Sep 2025 | Equity round | US$500M | US$15B | See source | The Block |
Kraken timeline
Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.
- 2011 — Kraken is founded in San Francisco by Jesse Powell.
- Sep 2025 — Equity round: US$500M, valuing the company at US$15B.
- Nov 2025 — Equity round (two tranches): US$800M, valuing the company at US$20B. Investors: Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management, Tribe Capital; Citadel Securities (US$200M strategic).
- April 2026 — Later secondary marks: Secondary market estimates in April 2026 put Kraken's value at about US$13.3 billion.
Investors
Overview
Kraken is one of the world's largest and longest-running cryptocurrency exchanges. Individuals and institutions use it to buy, sell and trade bitcoin, ether and hundreds of other crypto assets, as well as stablecoins, crypto derivatives and, increasingly, traditional assets such as US stocks and futures. Kraken operates under licences in many countries and has built a reputation for security, having never suffered a major hack of customer funds. It has been preparing to become a public company, having confidentially filed for a US initial public offering in November 2025.
Jesse Powell founded Kraken in San Francisco in 2011, after helping clean up the aftermath of the collapse of Mt. Gox, the then-dominant bitcoin exchange. Kraken launched trading in 2013. Powell stepped down as CEO in 2022; Dave Ripley became CEO, and in 2025 Arjun Sethi, a venture investor, joined as co-CEO. The legal parent company is Payward Inc.
Products
- Kraken app and Kraken Pro: simple and advanced trading for retail customers.
- Institutional services: trading, custody and over-the-counter services for funds and companies.
- Derivatives: crypto futures and perpetuals in permitted markets, strengthened by its acquisition of NinjaTrader, a US futures trading platform.
- Tokenised and traditional assets: US stock trading and tokenised equities for eligible international users.
- Staking and earn products: where allowed by regulation.
- Payments: crypto payments and a debit card in some markets.
Funding and valuation
Kraken raised very little outside capital in its early years; before 2025, it had raised only about US$27 million in primary capital. In 2025, as it prepared for an IPO, it raised US$500 million at a US$15 billion valuation, then completed an US$800 million raise in two tranches at a US$20 billion valuation, announced in November 2025. The primary tranche was led by investors including Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management and Tribe Capital, along with a commitment from co-CEO Arjun Sethi's family office. The second tranche was a US$200 million strategic investment from Citadel Securities, the market maker, which also agreed to share expertise on liquidity and market structure. Secondary market estimates in 2026 were lower, at about US$13.3 billion in April, as crypto prices fell; we list that separately.
Revenue
Kraken has disclosed key financial figures. It reported revenue of about US$1.5 billion in 2024 and, for 2025, adjusted revenue of about US$2.2 billion, up 33%, with adjusted EBITDA of US$531 million, according to reports on its IPO preparations. Most revenue comes from trading fees, so results rise and fall with crypto market activity; staking, custody, derivatives and other services aim to make revenue more stable.
IPO plans
Kraken's parent confidentially submitted a draft registration statement to the US Securities and Exchange Commission on 19 November 2025. Early reports suggested a listing in the first half of 2026. In March 2026, reports suggested plans might be on hold amid weaker crypto markets; in April, Kraken indicated it still intended to go public. No listing date had been set at our last check, so we classify Kraken as private.
Competition
Kraken competes with Coinbase, the largest US-listed crypto exchange; global exchanges such as Binance, OKX and Bybit; Gemini, which went public in 2025; brokers such as Robinhood and eToro offering crypto; and regional exchanges. Its advantages include its security record, licences in many jurisdictions, deep liquidity and its expansion into multi-asset trading.
Kraken at a glance
Kraken is a San Francisco crypto exchange founded in 2011 by Jesse Powell. It reported about US$2.2 billion in adjusted revenue for 2025. It raised US$800 million at a US$20 billion valuation in November 2025, including US$200 million from Citadel Securities, and confidentially filed for a US IPO the same month.
Timeline
- 2011: founded by Jesse Powell.
- 2013: launches trading.
- 2020: receives a Wyoming special purpose depository institution charter.
- 2022: Dave Ripley becomes CEO.
- 2025: acquires NinjaTrader; raises at US$15 billion and then US$20 billion; files confidentially for an IPO.
- 2026: reports of a paused IPO, then signals that plans continue.
Why crypto exchanges are going public
More favourable US policy in 2025, including clearer stablecoin rules and a less aggressive SEC, opened a window for crypto companies to list. Circle, Bullish, Gemini and others went public, showing investor appetite for regulated crypto businesses. For exchanges like Kraken, listing offers access to capital for acquisitions, a currency for paying employees and greater trust with institutional clients. The risk is volatility: crypto exchange revenues and share prices swing sharply with token prices and trading volumes.
Security and proof of reserves
After the collapse of FTX in 2022, users became more concerned about whether exchanges actually hold their customers' assets. Kraken was among the exchanges that publish proof-of-reserves audits, which use cryptographic techniques to let users confirm that their balances are backed by assets the exchange holds. Strong custody practices, cold storage and regular audits are now important competitive features.
Questions for users
- Is the exchange licensed in your country, and which products are available to you?
- How are customer assets held and segregated?
- What fees apply for trading, deposits and withdrawals?
Kraken's approach to regulation
Kraken has pursued licences in many jurisdictions, including registrations and authorisations in the UK, the European Union under the MiCA framework, Canada, Australia and parts of the US. It settled with the SEC in 2023 over its US staking programme and later contested other claims, before the agency dropped its case in 2025 as US policy shifted. Holding licences across markets is costly but helps it serve institutional clients and expand products such as derivatives and tokenised stocks.
Latest developments (October 2026)
Kraken's valuation has moved down in 2026. Reports in April said a new investment round valued the exchange at about US$13.3 billion, down from about US$20 billion in November 2025, with Deutsche Börse reportedly committing about US$200 million for roughly 1.5% of the company, according to Odaily and Tangem. Co-chief executive Arjun Sethi confirmed the company had confidentially filed for a US IPO after pausing plans in March amid weaker crypto markets. A separate Kraken-backed SPAC listed on Nasdaq in January. This supersedes the 2025 valuation described earlier on this page.
What to watch
Watch the IPO timeline and valuation, crypto market conditions, growth of derivatives and stock trading, and regulatory developments. Our guide to the largest private crypto companies compares Kraken with peers.
Takeaways
Traders get a long-established exchange expanding into multi-asset trading. Founders can see how a decade of bootstrapped growth preceded a late, large raise. Investors should note that secondary marks fell below the last round as crypto prices declined.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What does Kraken do?
Kraken is a crypto and fintech / crypto exchange and multi-asset trading company headquartered in San Francisco, California, United States. It was founded in 2011.
What is Kraken's valuation?
Kraken was valued at About US$13.3 billion (reported) as of April 2026, according to Odaily. Private company valuations are set at funding rounds or share sales and can change significantly between them.
How much revenue does Kraken make?
Kraken reported About US$2.2 billion adjusted revenue (annual adjusted revenue, 2025 (company-reported)) as of 2025, according to DL News.
What was Kraken's latest funding round?
The most recent financing we have verified is a equity round (two tranches) in Nov 2025: US$800M, at a valuation of US$20B. Source: Decrypt.
Who are Kraken's investors?
Investors named in public announcements include Citadel Securities, Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management and Tribe Capital.
Who founded Kraken?
Kraken was founded in 2011 by Jesse Powell.
Is Kraken a public company?
No. Kraken is a private company (private (confidentially filed for a us ipo in november 2025)), so its shares are not traded on a stock exchange and it isn't required to publish its financial results.
Where is Kraken headquartered?
Kraken is headquartered in San Francisco, California, United States.