Kraken's parent company Payward raised $800 million in late 2025 at a $20 billion valuation, backed by Citadel Securities, Jane Street, and DRW Venture Capital. A Deutsche Börse secondary share purchase in April 2026 valued the cryptocurrency exchange at $13.3 billion, representing a 33% decline from the $20 billion peak six months earlier. The $6.7 billion valuation gap reflects the tension between private-market pricing and the public-market expectations Kraken will face when it lists, with co-CEO Arjun Sethi stating at Consensus Miami in May 2026 that the exchange is 80% ready to go public, with a listing now expected in the second half of 2026.
Kraken Reports $1.5 Billion FY2024 Revenue with 128% Year-Over-Year Growth
Kraken's FY2024 revenue reached $1.5 billion, up 128% year-over-year, with $424 million in adjusted EBITDA, according to Insights4VC's analysis. Trading volume hit $665 billion for the full year, and Q2 2025 volume was $186.8 billion. As of mid-2025, the exchange served approximately 15 million clients globally and held $43 billion in customer assets.
At a $20 billion valuation, Kraken trades at roughly 13x FY2024 revenue. Coinbase, its closest public comparable, traded between 8x and 15x trailing revenue through 2025. Revenue concentration remains a risk, as Kraken generates the bulk of its income from spot trading fees, which are directly correlated to market-wide trading volume.
Kraken Acquires NinjaTrader for $1.5 Billion in March 2025
Kraken's $1.5 billion acquisition of NinjaTrader in March 2025 was the largest-ever deal combining traditional finance and crypto, according to co-CEO Arjun Sethi. The transaction gave Kraken a CFTC-registered futures commission merchant and expanded its customer base by two million traders. Sethi described the deal as "the first step in our vision of an institutional-grade trading platform where any asset can be traded, anytime," in Kraken's official announcement.
Subsequent acquisitions include the stablecoin payments firm Reap for $600 million, the digital asset derivatives platform Bitnomial for $550 million, the token management platform Magna, and the proprietary trading firm Breakout. In total, Kraken has completed six acquisitions over the past year, according to Fortune. These deals extend Kraken's reach into U.S. derivatives, stablecoin payments, and token lifecycle management.
Kaiko ranked Kraken number one globally by liquidity score, with only Binance scoring higher. Sethi emphasized this distinction in an interview with DL News: "Everyone focuses on volume, but liquidity is what matters more than anything else, and we have global access."
Kraken Files S-1 with SEC and Targets H2 2026 IPO
Kraken confidentially filed its S-1 with the SEC in November 2025. The company initially targeted a Q1 2026 listing but paused in March due to unfavorable market conditions. At Consensus Miami in May 2026, Sethi stated the exchange is "80% ready" to go public, with a listing now expected in the third quarter of 2026, according to CoinDesk's report.
The investor roster underscores institutional confidence. Citadel Securities committed a $200 million strategic investment at the $20 billion valuation. Jane Street and DRW Venture Capital participated in the $800 million raise. Deutsche Börse's $200 million secondary purchase, despite the $13.3 billion price, establishes a strategic partnership focused on bridging traditional finance and crypto through trading, custody, and tokenized assets.
Forge Global's secondary market data priced Kraken at $37.46 per share, implying a $12.19 billion valuation as of June 11, 2026. The gap between Forge's secondary market price and Payward's target valuation reflects the discount that secondary buyers demand due to illiquidity and uncertainty around IPO timing.
SEC Dismisses Securities Lawsuit Against Kraken in March 2025
The SEC dismissed its securities violation lawsuit against Kraken in March 2025, removing a significant legal overhang. The exchange secured a MiCA license in Ireland, enabling EU-wide operations. Kraken's parent, Payward, has also applied for an OCC charter to become a federal crypto bank, a move that could expand its service offerings but would introduce new compliance costs.
FAQ
What is Kraken's current valuation as a private cryptocurrency exchange?
Kraken's valuation ranges from $12.19 billion on Forge's secondary market to $20 billion in Payward's latest primary fundraising round as of mid-2026. A Deutsche Börse secondary share purchase in April 2026 valued Kraken at $13.3 billion.
When is Kraken expected to go public through its initial public offering?
Co-CEO Arjun Sethi stated at Consensus Miami in May 2026 that Kraken is 80% ready to go public, with a listing now expected in the third quarter of 2026. Kraken confidentially filed its S-1 with the SEC in November 2025.
How much revenue did Kraken generate in its most recent full fiscal year?
Kraken's FY2024 revenue reached $1.5 billion, representing a 128% year-over-year increase, with $424 million in adjusted EBITDA and $665 billion in annual trading volume processed.
