Overview

• The round closed on Kraken’s terms with no single lead, drawing investment managers, venture firms, Tribe Capital, and a personal check from co-CEO Arjun Sethi.
• The company now points to a 2026 public listing as it prioritizes scaling and product expansion before going to market.
• Kraken reported $411 million in second-quarter revenue and nearly $80 million in post-EBITDA earnings, reinforcing investor confidence.
• Expansion moves include the $1.5 billion NinjaTrader acquisition adding roughly two million customers and the rollout of on-chain tokenized stocks called xStocks.
• One outlet reported a $100 million raise, but multiple reports cite $500 million, as leadership turnover and restructuring continue under Sethi’s strategy.