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Kraken Plans $1 Billion Fundraising Ahead of IPO
Kraken is set to raise up to $1 billion in debt ahead of its highly anticipated initial public offering (IPO), according to a recent Bloomberg report. The funds are expected to be utilized for expansion efforts, rather than daily operations.
The report suggests that Goldman Sachs and JPMorgan Chase are among the banks involved in discussions regarding the fundraising. While an IPO timeline has not been publicly disclosed, rumors suggest that Kraken may go public as early as the first quarter of 2026.
Kraken’s financials have experienced significant growth in 2024, with revenue reaching $1.5 billion – a 128% increase from the previous year. Adjusted earnings hit $380 million, reflecting the company’s impressive financial performance.
The exchange has also seen its trading volume surge to $1.1 billion, solidifying its position as one of the largest cryptocurrency exchanges in the market.
In related news, Kraken recently acquired NinjaTrader for $1.5 billion, expanding its offerings into the derivatives market and increasing its presence in multi-asset services such as equities and payments.
Additionally, the company has resumed staking services in the US after a two-year suspension due to regulatory changes. Users in 37 states can now stake 17 cryptocurrencies, including Ethereum (ETH) and Solana (SOL).
Given these developments, it is no surprise that Kraken is gearing up for an IPO. Strong financials, growing trading volume, and major acquisitions have all contributed to the company’s readiness for a public debut.
In conclusion, Kraken’s plans to raise $1 billion ahead of its IPO demonstrate the company’s confidence in its growth prospects and commitment to expanding its offerings.
Source: https://coinchapter.com/kraken-plans-1-billion-fundraising-ahead-of-ipo/?utm_source=rss&utm_medium=rss&utm_campaign=kraken-plans-1-billion-fundraising-ahead-of-ipo
