Overview
- Payward, Kraken’s parent, confidentially submitted a draft S-1 to the SEC, with timing dependent on regulatory review and market conditions and final terms yet to be set.
- Kraken raised $800 million across two tranches, including a $200 million strategic investment from Citadel Securities that valued the company at $20 billion.
- The primary $600 million tranche drew backing from Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management, Tribe Capital, and co-CEO Arjun Sethi’s family office.
- Citadel Securities said it will work with Kraken on liquidity provision, risk management and market-structure analysis as the exchange deepens ties to traditional finance.
- Kraken plans to use the capital to expand in Latin America, Asia Pacific and EMEA and to broaden offerings spanning derivatives, tokenized assets, staking and payments, building on acquisitions of NinjaTrader and the Small Exchange and revenue that surpassed $1.5 billion from 2024 by Q3 2025.