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- Kraken
Kraken Revenue, Valuation, Funding & Investors
Kraken is valued at $21B as of September 2026, a 9.5x multiple on its last reported $2.2B revenue.
Last Kraken valuation
$21B
Undisclosed stage · Sep 2026
Last Kraken funding round
$100M
Undisclosed stage · Sep 2026
Kraken revenue
$2.2B
Undisclosed stage · Sep 2026
Key investors in Kraken
Tribe Capital
HSG
Jane Street
Oppenheimer Holdings
Digital Currency Group
Apollo Global Management
About Kraken
Kraken is a San Francisco-headquartered cryptocurrency exchange supporting spot, futures, margin trading, staking, OTC services, and a multi-chain wallet. It lists over 200 assets including Bitcoin, Ethereum, and Solana against fiat pairs like USD, EUR, and GBP. Institutional tools cover API trading, dark pools, and custody for hedge funds. Founded in 2011, Kraken operates in 190 countries with offices in London and Tokyo, serving retail and pro traders through advanced charting and 24/7 support.
Founded
2011
HQ
Website
Status
Privately held
Customer focus
B2C & B2B
Revenue model
Commission
Revenue
$2.2B (Sep 2026)
Valuation
$21B (Sep 2026)
Kraken Valuation
Kraken is currently valued at $21B, based on its undisclosed-stage round in September 2026.
The $100M round was led by Nasdaq Ventures.
Kraken's valuation has grown 5.2x from $4B at its pre-seed round in May 2019 to $21B in September 2026, across 5 priced rounds.
Kraken valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Sep 2026 | Undisclosed stage | $21B | 9.5x |
| Apr 2026 | Secondary | $13B | 6.0x |
| Nov 2025 | Undisclosed stage | $20B | 9.1x |
| Sep 2025 | Undisclosed stage | $15B | 6.8x |
| May 2019 | Pre-seed | $4B | - |
Kraken Revenue
Kraken's latest recorded revenue is $2.2B, as of its undisclosed-stage round in September 2026. At a $21B valuation, that implies a 9.5x revenue multiple.
Revenue moved from $2.2B in September 2025 to $2.2B in September 2026, while the revenue multiple moved from 6.8x to 9.5x.
Kraken revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Sep 2026 | $2.2B | $21B | 9.5x | Undisclosed stage |
| Apr 2026 | $2.2B | $13B | 6.0x | Secondary |
| Nov 2025 | $2.2B | $20B | 9.1x | Undisclosed stage |
| Sep 2025 | $2.2B | $15B | 6.8x | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Kraken Funding History
Kraken has raised a total of $1.4B across 8 funding rounds, plus 2 secondary share sales.
Kraken's first fundraising round was a $5M Series A in March 2014. The most recent completed round was a $100M undisclosed-stage round in September 2026.
Kraken funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2026 | Undisclosed stage | Nasdaq Ventures (lead) | $100M | $21B | Nasdaq Ventures agreed on September 10, 2026 to invest $100 million in Payward, the parent company of Kraken, in an expanded strategic partnership that also adds continued work on the Nasdaq Equity Token framework and a new market surveillance agreement. The transaction values Payward at $21 billion and is structured as a venture investment tied to a broader collaboration on tokenized equities, with Kraken positioned to distribute Nasdaq-listed stocks in token form through its platform. The deal supports Nasdaq’s push into tokenized market infrastructure and extends a relationship first announced in March 2026, with the companies targeting a 2027 launch for Nasdaq Equity Tokens. The arrangement links Nasdaq’s market technology and surveillance capabilities with Kraken’s exchange and distribution reach, aiming to create infrastructure for trading tokenized equities and broaden access to Nasdaq-listed shares in blockchain-based form. Payward is the holding company of Kraken, a cryptocurrency exchange focused on digital asset trading and related financial infrastructure. The company is described in the announcement as Kraken’s parent, and the September 2026 investment reflects its role in building the rails for tokenized securities rather than a change-of-control acquisition. |
| Apr 2026 | Secondary | Deutsche Börse (lead) | $200M | $13B | - |
| Nov 2025 | Undisclosed stage | DRW Venture Capital (lead); HSG (lead); Jane Street (lead); Nol Card balance check (lead); Oppenheimer Holdings (lead); Arjun Sethi Family Office; Tribe Capital | $800M | $20B | Kraken, a cryptocurrency exchange operated by Payward, raised $800 million in a November 2025 funding round at a $20 billion valuation. Participants included DRW Venture Capital, HSG, Jane Street, Oppenheimer & Co., Tribe Capital, Arjun Sethi Family Office, and others, with a separate $200M investment from Citadel Securities at the same valuation. This followed a September 2025 $500M round at $15B valuation from similar investors, bringing total 2025 primary funding to $1.5B. Kraken reported $2.2 billion in adjusted revenue for full-year 2025, up 33% YoY from $1.65-1.7B in 2024, driven by 47% trading fees and 53% asset-based revenue like staking and custody. Trading volume reached $2 trillion (+34% YoY), platform assets $48.2B (+11%), and funded accounts 5.7M (+50%). Adjusted EBITDA was $530.6-531M (+26% YoY), with a 24% margin. The round supports Kraken's expansion into tokenized equities, US stock/ETF trading, regulated futures, and acquisitions like NinjaTrader, positioning it for potential IPO amid crypto market growth. |
| Sep 2025 | Undisclosed stage | Oppenheimer Holdings; Apollo Global Management; Arjun Sethi; Tribe Capital; Jane Street; HSG | $500M | $15B | Kraken, a cryptocurrency exchange operated by Payward, reported strong 2025 financial performance with adjusted revenue of $2.2 billion, up 33% year-over-year, driven by trading (47%) and asset-based revenue (53%) including custody, yield, payments, and financing. Adjusted EBITDA reached $531 million, up 26% YoY, with a 24% margin reflecting operating leverage. Key traction metrics for 2025 included total platform transaction volume of $2.0 trillion (up 34% YoY), assets on platform at $48.2 billion (up 11% YoY), funded accounts growing to 5.7 million (up 50% YoY), and futures daily average trades up 119% due to integrations like NinjaTrader and Breakout. Product expansions encompassed tokenized equities via xStocks in 100+ countries (Europe launch Sep 2025), U.S.-listed stock/ETF trading, U.S. regulated crypto futures, MiFID-regulated futures in Europe, and CME commodities support on Kraken Pro. Acquisitions such as NinjaTrader, Small Exchange, and Magna enhanced futures, retail trading, and infrastructure. Kraken positioned as a multi-product platform with average revenue per user around $2,000 annually, B2B white-label crypto services, and tokenized equities, moving beyond pure spot exchange. The company filed confidentially for IPO in November 2025 but froze plans in early 2026 due to market conditions and poor performance of peers like BitGo, maintaining the $20B private valuation floor. |
| Feb 2022 | Seed | 2B Global Capital (lead); Venture Garage (lead); The K Fund; Aquarius Innovation Fund; Axevil Capital; Uday Kumar Bangalore Shivaraman; Anchor Capital GP; The Garage Syndicate; SBX Capital; SkyVision Capital | $2M | - | - |
| Jun 2021 | Secondary | Manhattan Venture Partners (MVP); Company Ventures; Stableton Financial; Investlink Holdings; Raison Wealth; Red Lions Capital | $10M | - | - |
| Mar 2021 | Pre-seed | BluePointe Ventures; BLN Capital; JOINT JOURNEY; Tribe Capital; HOF Capital; G1 Ventures; Digital Disrupt; Empede Capital | $300K | - | - |
| May 2019 | Pre-seed | Grace Wong; Tyr Capital; BnkToTheFuture | $14M | $4B | Kraken, a U.S.-based cryptocurrency exchange founded in 2011, raised $13.5 million in a crowdfunding round in June 2019 from over 2,000 individual investors via a special-purpose vehicle, including BnkToTheFuture, Grace Wong, and Tyr Capital. The round pushed the company's valuation above $4 billion, with shares offered at a $4 billion valuation. Kraken operated as one of the largest crypto exchanges with significant euro market share. Daily trading volumes around May 2019 reached $284 million on May 19 and $210 million on May 28 across multiple fiat currencies. |
| Mar 2015 | Series A | Trammell Ventures | $300K | - | - |
| Mar 2014 | Series A | Hummingbird Ventures (lead); Digital Currency Group; Blockchain Capital; Tribe Capital | $5M | - | Kraken, a cryptocurrency exchange founded in 2011 and launched in 2013, received a $5 million Series A investment in March 2014 from Hummingbird Ventures and Bitcoin Opportunity Fund. The round matched the specified investors including Blockchain Capital, Digital Currency Group, Hummingbird Ventures, and Tribe Capital, with Hummingbird Ventures as the lead. Following the Mt. Gox bankruptcy later that year, Kraken's user base grew by 50% and was selected by Mt. Gox trustees to assist with liquidation, bitcoin recovery, and creditor repayments. |
Who has invested in Kraken?
41 investors have backed Kraken across its funding rounds, including Tribe Capital, HSG, Jane Street, Oppenheimer Holdings, Digital Currency Group and Apollo Global Management.
Lead investors include Nasdaq Ventures, Deutsche Börse, DRW Venture Capital, HSG, Jane Street and 5 other investors.
Kraken Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Participant | Mar 2014 | ||
| 2 | Lead | Sep 2025 | ||
| 2 | Lead | Sep 2025 | ||
| 2 | Lead | Sep 2025 | ||
| 1 | Participant | May 2019 | ||
| 1 | Lead | Mar 2014 | ||
| 1 | Participant | Feb 2022 | ||
| 1 | Lead | Feb 2022 | ||
| 1 | Lead | Apr 2026 | ||
| 1 | Participant | May 2019 | ||
| 1 | Participant | Feb 2022 | ||
| 1 | Participant | Feb 2022 | ||
| 1 | Participant | Sep 2025 | ||
This data is available for Pro users. Sign up to see all 41 Kraken investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Kraken
Kraken has acquired 21 companies to date.
Last acquisition by Kraken was on April 16th 2026. Kraken acquired Bitnomial for $550M.
Latest Acquisitions by Kraken
| Description | Bitnomial is a Chicago-based regulated derivatives exchange for digital assets, launched in 2018 after receiving CFTC designation as a Designated Contract Market. It offers Bitcoin futures and options settled in cash or physically, connecting hedgers in energy and agriculture with institutional traders. Bitnomial provides clearing through its DCO and emphasizes compliant trading infrastructure for North American markets. | Magna is a San Francisco-based platform for token vesting and decentralized finance management in Web3. Carta for Web3 allows crypto companies to handle cap tables, equity distribution and locked token unlocks. The service integrates with lending protocols and secondary markets on Ethereum and Polygon blockchains. | Backed Finance generates tokenized stocks on Ethereum to broaden access and equity in capital markets. The platform supports compliant, functional tokenized equities, linking traditional finance with on-chain infrastructure. | The Small Exchange is a Chicago-based futures and options exchange designed for retail traders with simplified, smaller-sized contracts on assets like equity indices, currencies, commodities, and cryptocurrencies. Launched in 2022 after SEC and CFTC approvals, it offers products such as Micro E-mini futures at one-tenth the size of standard contracts traded on CME Group. The platform emphasizes low barriers to entry with $50 intraday margins and access via brokers like Interactive Brokers. | |
| HQ Country | |||||
| HQ City | Chicago, IL | San Francisco, CA | Zug | Chicago, IL | |
| Deal Date | 16 Apr 2026 | 18 Feb 2026 | 2 Dec 2025 | 16 Oct 2025 | |
| Valuation | $550M | undisclosed | undisclosed | $100M | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Kraken acquisitions and their M&A valuation multiples. Start Free Trial | |||||
Investments by Kraken
Kraken has invested in 1 company to date.
Latest investment by Kraken was on January 14th 2026. Kraken invested in Alpaca in their $150M Series D round.
Latest Investments by Kraken
| Description | Alpaca is a New York-headquartered developer platform offering API-based brokerage services for stock and cryptocurrency trading. The infrastructure provides commission-free execution, real-time market data feeds, paper trading environments, and advanced order types including algorithmic strategies. Backed by Y Combinator and investors like Spark Capital, Alpaca powers trading apps for retail and institutional users across multiple global markets. |
| HQ Country | |
| HQ City | Tokyo |
| Deal Date | 14 Jan 2026 |
| Round | Series D |
| Raised | $150M |
| Investors | MUFG Innovation Partners; Vlad Yatsenko; Nol Card balance check; DRW Venture Capital; Ribbit Capital; Endeavor Catalyst; Unbound; Drive Capital; X&KSK; Diagram Ventures; Flat Capital |
| Valuation | $1.1B |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Kraken investments and their VC round multiples. Start Free Trial | |
Kraken Competitors
Kraken competitors include listed companies like Coinbase, Tradeweb Markets and Circle, and private ones like KuCoin, Mercado Bitcoin and Crypto.com.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $10B | - | ||
| Publicly listed | $7.2B | $1.8B | $46B | 7.6x | ||
| Private | - | - | $2.1B | - | ||
| Publicly listed | $2.1B | $1.4B | $22B | 9.0x | ||
| Publicly listed | $2.7B | ($73M) | $22B | 6.8x | ||
| Private | $1.5B | - | $20B | 13.3x |
Kraken Public Comps
Kraken is still privately-owned, but its public comps include Tradeweb Markets, Circle, HiThink, Futu Holdings, BitMine, Groww, Paytm, XP Investimentos, Nordnet and StoneX Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.1B | $1.4B | 9.9x | 9.0x | 15.0x | 16.6x | |||
| $2.7B | ($73M) | 7.2x | 6.8x | (273.4x) | 29.6x | |||
| $899M | $530M | 23.0x | 18.9x | 39.1x | 31.2x | |||
| $2.9B | $1.8B | 5.5x | 5.1x | 9.0x | 10.0x | |||
| $6M | ($364M) | 2308.9x | 97.4x | (38.6x) | - | |||
| $445M | $253M | 26.6x | 20.7x | 46.8x | 33.4x | |||
| $854M | $41M | 13.8x | 11.8x | 288.1x | 119.6x | |||
| $1.5B | $1.2B | 12.6x | 5.2x | 15.9x | 15.4x | |||
This data is available for Pro users. Sign up to see all Kraken competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Kraken
| When was Kraken founded? | Kraken was founded in 2011. |
| Where is Kraken headquartered? | Kraken is headquartered in San Francisco, CA, United States. |
| Is Kraken publicly listed? | No, Kraken is a private, VC-backed company. |
| What is Kraken's valuation? | Kraken was last valued at $21B in its undisclosed-stage round in September 2026. |
| How much funding has Kraken raised? | Kraken has raised $1.4B across 8 funding rounds. |
| What was Kraken's last funding round? | Kraken's last funding round was a $100M undisclosed-stage round in September 2026, led by Nasdaq Ventures. |
| Who are Kraken's investors? | Kraken's investors include Tribe Capital, Oppenheimer Holdings, Jane Street, HSG, Grace Wong, Hummingbird Ventures, The K Fund, Venture Garage, Deutsche Börse, Tyr Capital and 31 others. |
| What is Kraken's revenue? | Kraken's latest recorded revenue is $2.2B (September 2026). |
| What is Kraken's revenue multiple? | Kraken's latest valuation implies a 9.5x revenue multiple ($21B valuation on $2.2B of revenue). |
| Which companies are comparable to Kraken? | Companies comparable to Kraken include KuCoin, Coinbase, Mercado Bitcoin, Tradeweb Markets, Circle and Crypto.com. |
| How many companies has Kraken acquired? | Kraken has acquired 21 companies, including Bitnomial, Magna, Backed Finance, The Small Exchange and Breakout Trading Group. |
| What was the largest acquisition by Kraken? | The $1.5B acquisition of NinjaTrader in March 2025 is the largest acquisition Kraken has made to date. |
| How many companies has Kraken invested in? | Kraken has invested in 1 company, including Alpaca. |
| What was Kraken's last investment? | In January 2026, Kraken invested in Alpaca's $150M Series D alongside MUFG Innovation Partners, Vlad Yatsenko, Nol Card balance check and 8 other investors. |
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