Overview
- The raise was completed in two tranches, including a $200 million strategic investment from Citadel Securities with collaboration on liquidity, risk management and market-structure insights.
- Institutional backers in the primary tranche included Jane Street, DRW, HSG, Oppenheimer Alternative Investment Management and Tribe Capital, with additional capital from co-CEO Arjun Sethi’s family office.
- Kraken submitted a draft S-1 to the SEC, with any IPO timing contingent on the review process and market conditions, as earlier reports pointed to an early 2026 target.
- New capital will support expansion into Latin America, Asia Pacific and EMEA, plus broader offerings across derivatives, tokenized assets, payments, custody and other institutional services.
- Recent performance and deals underpin the push, including $1.5 billion in 2024 revenue, a record $648 million in Q3 2025, and acquisitions of NinjaTrader and Small Exchange to build U.S. derivatives capabilities.