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Cryptocurrency exchange Kraken is considering a major capital raise ahead of a potential initial public offering (IPO) early next year, Bloomberg reported on March 24.
Citing anonymous sources, Bloomberg said Kraken is exploring a debt package worth anywhere between $200 million and $1 billion. The exchange is reportedly in preliminary talks with Goldman Sachs and JPMorgan Chase about facilitating the transaction.
The funds would be used to support Krakenβs growth and not for operational expenses, Bloomberg cited the source as saying.
Bloomberg has been reporting about Krakenβs IPO ambitions for the better part of a year. Talks of going public have intensified following the election of US President Donald Trump, with Bloomberg reporting that Krakenβs IPO could come in the first quarter of 2026.
A Kraken representative declined to comment on the potential debt package when contacted by Cointelegraph.
Kraken is one of the worldβs largest crypto exchanges, facilitating more than $1.1 billion in trading volume over the past 24 hours, according to CoinMarketCap data.
The exchange grew rapidly in 2024, with year-end financial statements showing $1.5 billion in revenue β a gain of 128% from 2023. The companyβs adjusted earnings reached $380 million for the year.
Krakenβs year-end financial statements show significant growth in revenue, funded accounts and assets. Source: Kraken
Related: Kraken secures MiFID license to offer derivatives in Europe
Krakenβs latest acquisition
Kraken is expanding its footprint in the derivatives market with the $1.5 billion acquisition of NinjaTrader, a popular brokerage service specializing in futures contracts. The acquisition is part of the exchangeβs broader push into multi-asset services, including equities and payments.
NinjaTrader was founded in 2003 and is registered with the US Commodity Futures Trading Commission.
The acquisition suggests crypto companies are growing their businesses with confidence following the election of a pro-crypto Republican administration. As Cointelegraph reported, Kraken was one of several crypto exchanges to be freed from enforcement action by the US Securities and Exchange Commission.
A positive regulatory climate may have contributed to Krakenβs decision to resume crypto staking services for US clients after a nearly two-year hiatus. Clients in 37 states can now access staking services across 17 cryptocurrencies, including Ether (ETH) and Solana (SOL).
Magazine: Unstablecoins: Depegging, bank runs and other risks loom
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