Popular cryptocurrency exchange Kraken closed a $ 500 million financing round and set the stage for a long-awaited IPO, now expected by 2026, Fortune reported.
The round did not include a main investor and was closed on Kraken’s terms that rated the company at $ 15 billion, Fortune said, quoting a person who was not authorized to discuss the matter in public. Backmen included investment leaders, venture capitalists and Kraken Co-Ceo Arjun Sethi, who also participated through his tribe capital investment company.
The Kraken was founded in 2011 and allegedly had only collected $ 27 million in venture capital financing until this year. It generated $ 411 million in revenue and nearly $ 80 million in earnings after EBITDA in the second quarter, according to the report.
Much of Kraken’s transformation in the past year has been governed by Sethi, who, despite sharing the CEO title with Dave Ripley, is largely seen as the company’s strategic manager.
Under him, Kraken acquired the US Futures Platform Ninjatrader for $ 1.5 billion and expanded his customer base by 2 million and strengthened his presence in traditional funding.
Behind the scenes, Kraken has seen a wave of executive revenue, with four senior leaders recently leaving the company as it trimming jobs in front of the planned original public offer.
