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

American cryptocurrency exchange Kraken is freshly flush with cash, thanks to an $800 million funding round announced Tuesday.

Kraken said it secured the funding across 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 backing from Kraken Co-CEO Arjun Sethi’s family office.

A separate $200 million strategic investment from Ken Griffin’s Citadel Securities was agreed upon at a $20 billion valuation, the company said. In July, The Information reported on a planned $500 million fundraise at a $15 billion valuation, but the final tally proved to be larger.

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

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

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

Kraken has long been weighing an IPO, with Bloomberg reporting in March that the company was eyeing an early 2026 move to go public.