The Breakdown Kraken’s $15B Secret Raise and the Race to IPO
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Sep 30, 2025 Kraken has secretly raised $500 million at a staggering $15 billion valuation, eyeing an IPO in 2026. The discussion delves into Tether's ambitious $500 billion fundraising plans and how it’s now considered investable thanks to clearer regulations. Speculations surrounding Tether's gold reserves spark intrigue, while the emergence of crypto treasury companies raises questions about market stability. Lastly, SEC Commissioner Hester Peirce shares her vision for a more responsible crypto regulatory environment as she bids farewell.
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Kraken’s Quiet $500M Raise Changes Valuation
- Kraken quietly raised $500M at a $15B valuation, marking its first major raise in 14 years and providing an independent valuation.
- Bloomberg later reported talks for an extra $200–$300M at a $20B valuation, signaling stronger private-market pricing for big crypto incumbents.
Leadership Shakeup Delayed Kraken’s IPO
- Arjun Sethi's executive changes at Kraken are credited with delaying the IPO to 2026 while preparing the company for public markets.
- Sethi argues Kraken should IPO when ready, citing growth, profitability, and deep liquidity rather than rushing to a window.
Private Rounds Hint At Hot IPO Demand
- Rapidly escalating private valuations suggest strong demand ahead of any Kraken IPO and could push the company to target an earlier public debut.
- Market interest frames Kraken's potential IPO as highly anticipated, with rumors of a Q1 target.