Crypto exchange Kraken is reportedly looking to raise up to $1 billion in debt as it prepares for a potential IPO in early 2026, according to Bloomberg.
Goldman Sachs and JPMorgan are leading the fundraising effort, with discussions also considering a smaller $200 million raise.
The funds will be used for growth initiatives, not operational costs. This move follows Kraken’s $1.5 billion acquisition of NinjaTrader, a futures trading platform aimed at expanding its derivatives offerings.
Financially, Kraken is on an impressive growth streak, generating $1.5 billion in revenue in 2024—a 128% year-over-year increase—with $380 million in EBITDA. The exchange serves 10 million users across 190 countries, handling quarterly trading volumes of over $207 billion.
With $43 billion in customer assets and $2,000+ in revenue per customer, Kraken’s debt raise would bolster its strategic financial position as it gears up for a public market debut.
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