Kraken Prepares for Potential IPO with $1 Billion Debt Raise
Reports suggest that Kraken is in talks to raise up to $1 billion in debt in preparation for a potential initial public offering, with Goldman Sachs and JPMorgan leading the fundraising efforts.
Debt Raise Details
- Goldman Sachs and JPMorgan are spearheading the debt raise discussions.
- Potential raise could range from $200 million to $1 billion.
- Funds will be allocated towards growth initiatives.
- Additional banks and direct lenders may also be involved in the fundraising.
Strategic Positioning Before IPO
There are talks of Kraken considering an equity raise alongside the debt issuance, although specifics on the size and structure of the capital raise are yet to be determined.
Rumors surrounding a Kraken IPO as early as the first quarter of 2026 have emerged, with the company recently disclosing a significant revenue increase of $1.5 billion in 2024.
NinjaTrader Acquisition
Kraken recently made a major move by acquiring NinjaTrader for $1.5 billion, aiming to enhance its derivatives offerings and bolster its position in the market. The exchange currently serves over 10 million users across 190 countries, with quarterly trading volumes exceeding $207 billion.
The acquisition comes as Kraken holds nearly $43 billion in customer assets and generates over $2,000 in revenue per customer. The planned debt issuance is expected to strengthen Kraken’s financial footing as it explores opportunities for expansion and potential public market entry.
