- Crypto Exchange Kraken eyes debt raise of $1 billion ahead of its potential IPO.
- The firm is in talks with Goldman Sachs and JP Morgan in efforts to raise the fund.
- Kraken has been preparing for a possible public listing as soon as Q1 of 2026.
The crypto exchange firm Kraken is reportedly exploring to raise up to $1 billion in debt before its potential initial public offering. The company is in fundraising discussions with two of the largest investment banks, Goldman Sachs and JP Morgan. The two banks are seemingly in talks with additional investors and lenders.
According to sources, the people who are familiar with the news said that any debt raised through the deal will be used for Kraken’s expansion and not for operational costs. They also stated that as little as $200 million could be raised; however, the final amount will depend on the market conditions and investor capacity.
As one of the industry’s key players, Kraken is among the largest US-based crypto exchanges, facilitating more than $1.1 billion in trading volume, according to CoinMarketCap. As a direct rival to Coinbase, Kraken has been positioning itself for significant growth in today’s market. One such critical development is the US SEC dropping its lawsuit against the firm, which was filed in November 2023. As a result of this lawsuit drop, Kraken’s IPO ambitions appear to have a more favorable outcome for a listing.
Related: Kraken’s MiFID License Opens Doors to Crypto Derivatives
Furthermore, a significant part of this expansion strategy is the acquisition of NinjaTrader, a leading US retail futures trading platform, announced on March 20, 2025, for $1.5 billion. NinjaTrader was founded in 2003 and is registered with the US Commodity Futures Trading Commission (CFTC). This move aligns with Kraken’s vision to become a multi-asset-class platform, including plans for equities trading and payments.
Arjun Sethi, the co-CEO of Kraken, stated in his X post that President Donald Trump’s pro-crypto stance has helped shift crypto from a partisan debate to a shared national interest. He also mentioned that Trump’s support has set the stage for the broader push for blockchain innovation. Kraken’s move could increase investor interest in crypto and blockchain and may significantly contribute to the growth and innovation in the sector.
