Kraken reportedly seeks more than 100 million in preIPO funding according to Bloomberg

Kraken Aims to Raise More Than $100 Million in Pre-IPO Funding: Bloomberg


Reported by Hongji Feng
Last updated:
June 7, 2024 00:40 EDT
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1 min read


In preparation for a potential initial public offering (IPO), Kraken is looking to secure over $100 million in its final funding round.
As per a recent report from Bloomberg, sources familiar with the matter revealed that Kraken, a major player in the cryptocurrency exchange industry, is in the process of bolstering its financial standing through a pre-IPO funding round amidst the current market upswing.
Kraken Plans to Go Public in 2025
Individuals who preferred to remain anonymous due to the confidential nature of the discussions shared that Kraken is aiming to raise funds exceeding $100 million, with the fundraising round anticipated to be finalized by the year’s end.
“While we are constantly exploring strategic avenues to fulfill Kraken’s Mission of accelerating the global adoption of crypto,” Kraken stated in a release, refraining from commenting directly on the fundraising or IPO. The statement continued, “We are fully committed to investing in this objective.”
Kraken is in the process of recruiting a distinguished company to serve as a key player on its board and aid in achieving a successful IPO. Discussions have, so far, been limited to verbal negotiations concerning terms and valuations, with no formal documentation in place, according to one source.
With cryptocurrencies nearing record highs once again, a shift in U.S. regulatory outlook towards digital assets has prompted renewed investor interest in companies within the sector, sparking discussions about going public.
The exchange’s plans to go public have faced setbacks in the past due to crypto market downturns and disagreements with the Securities and Exchange Commission. Although Kraken settled one case with the SEC last year, it remains embroiled in ongoing litigation with the agency.
Robinhood to Purchase Bitstamp in $200 Million Agreement
Other industry leaders are also eyeing expansion opportunities.
Robinhood recently announced its intention to acquire Bitstamp in a $200 million all-cash deal.
Through this acquisition, Robinhood Crypto plans to expand globally by leveraging Bitstamp’s licenses and registrations. This move will enhance Robinhood’s presence in the EU, UK, US, and Asia, attracting a wider customer base.
“Integrating Bitstamp’s platform and expertise into Robinhood’s ecosystem will provide users with an improved trading experience while maintaining a strong commitment to compliance, security, and customer-centric values,” stated Bitstamp CEO JB Graftieaux.
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