Kraken is one of the largest and oldest cryptocurrency exchanges in the United States, second only to Coinbase. Founded in 2011 by Jesse Powell, Michael Gronager, and Thanh Luu, the platform serves over 13 million users globally across 190+ countries. Kraken provides a comprehensive suite of crypto trading services including spot trading, futures, margin trading up to 10x leverage, staking solutions, and institutional services. The company acquired NinjaTrader for $1.5 billion in 2025 to expand into regulated futures and options trading. Kraken relocated its headquarters from San Francisco to Cheyenne, Wyoming, and holds over 100 licenses worldwide. The company reported $2.2 billion in revenue for 2025 with $531 million in EBITDA, processing over $2 trillion in trading volume. Kraken operates with a remote-first workforce and confidentially filed for a U.S. IPO in November 2025, targeting a 2026 public listing.
Fintech📍 Cheyenne, WyomingFounded 2011
Current Valuation
$11B
as of 2025-Q4
DECACORN
QL Price
$7.4B
-32% vs last round
QuantLogix's current estimate for Kraken, published 2026-10-07 — below the last disclosed round of $11B (2025-Q4).
Confidence
high
Basis
blended
What backs this price
Last disclosed round
$11B
2025-Q4
weight 0.59
Secondary market print
$5.5B
2026-06-27
weight 0.78
Public-company comparables
$3.3B
2025-Q4
weight 0.13
How this price has held up
No round has priced for Kraken since QuantLogix began publishing a price for it, so there is nothing to grade yet. The claim above is on the record from 2026-10-07 and will be graded against the next priced round. See the full accuracy record →
Which publicly-traded funds already hold it, what $10,000 buys, and whether any route is open to you.
Cite this price as QuantLogix QL Price, Kraken, 2026-10-07 (e00ebfe005fc4663).
The id pins this exact claim, so a citation stays checkable after the price moves.
Model estimate for research — not a quote, target price, or investment advice.
IPO Outlookexpected
Is Kraken going public in 2026?
Kraken is expected to list around 2026, but no S-1 is public. Status on record: expected.
What is Kraken's valuation in 2026?
Kraken is valued at $11B as of 2025-Q4, set by its Series D ($200M, Nov 2025). That is the last confirmed mark, not a live price — private shares do not trade continuously.
Has Kraken filed an S-1?
No public S-1 is on file for Kraken as of 10/07/2026; the IPO is expected.
Who are Kraken's investors?
Kraken's investors include Citadel Securities, Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management, Tribe Capital and 3 more.
How much has Kraken raised?
Kraken has raised $827M in total, most recently a Series D of $200M in Nov 2025.
Is Kraken publicly traded — can you buy Kraken stock?
Not yet. Kraken is private until it lists, so there is no ticker to buy. Before the IPO, exposure is limited to pre-IPO secondary marketplaces and funds (accredited investors) or tender offers; after listing, the shares trade on the exchange under the new ticker.
Answers are derived from the roster record shown on this page — filing status, last round and confirmed marks. Where the record is silent, the answer says so rather than guessing.
Company Profile
CEO
Arjun Sethi, Dave Ripley
Founded
2011
HQ
Cheyenne, Wyoming
Employees
1,900-2,300
Total Raised
$827M
Est. Revenue
$2.2B (2025-Q4)
Growth
Strong growth with 33% YoY revenue increase in 2025, doubling trading volume
Last Round
Series D — $200M (Nov 2025)
IPO Status
expected
Fundraising Status
Series D · $200M · 11 mo ago
expectedTotal raised $827M
Secondary Market
Implied price / share
$31.11
Last round price / share
$61.47
vs last round
-49.4%
Open interest
83
Last round price vs secondary price
Secondary price return by period
Implied per-share price from private secondary transactions, as of Jun 2026. This is a point estimate, not a quote — the feed carries no bid, ask or spread, and a secondary print is evidence of what someone paid on that date rather than a live market. Compare across every tracked name →
Latest Funding Round
Round
Amount
Date
Lead Investor
Post-Money
Series D
$200M
Nov 2025
—
—
Talent Signal
Hiring trend
▶ Hiring steady
-4% vs 2026-08
Open roles
77
via ashby
Product-build share
52%
engineering, research, product, design
Trajectory
steady
product-led hiring — 52% of open roles build product; the rest are go-to-market and G&A.
Counted from Kraken's live job board as of 2026-09-15; role functions classified from posting titles. Open-role counts are an activity signal, not headcount. Refreshed monthly.
Founders & Key People
Jesse PowellMichael GronagerThanh Luu
Investors
Citadel Securities · Jane Street · DRW Venture Capital · HSG · Oppenheimer Alternative Investment Management · Tribe Capital · Deutsche Börse Group · Hummingbird Ventures · Trace Mayer
Private-company numbers are not real-time. Reflects publicly disclosed valuations from press releases, news reports, and tender offers as of 2025-Q4. Refreshed quarterly.