Kraken mulls $1b debt for potential 2026 IPO, according to news sources

​Cryptocurrency exchange Kraken is said to be looking into raising up to $1 billion in debt financing before potentially going public.

The company is working with major financial institutions Goldman Sachs Group Inc. and JPMorgan Chase & Co. to evaluate this strategic move, as reported by Bloomberg. The proposed debt raise, which could be as low as $200 million, aims to support Kraken's growth initiatives instead of covering operational costs.

Apart from the debt financing, Kraken is also considering raising equity capital, although no final decisions have been made, and the terms may change.

Established in 2011, Kraken has seen significant growth, with revenue increasing by 128% to $1.5 billion in 2024 and adjusted earnings before interest, taxes, depreciation, and amortization reaching $380 million.

The platform caters to over 10 million users in more than 190 countries, processing quarterly trading volumes of over $207 billion.

Kraken’s IPO

Kraken's plans for an initial public offering (IPO) have been boosted by a more favorable regulatory environment under President Donald Trump. The company aims to go public as early as the first quarter of 2026.

This positive outlook comes after the recent dismissal of a lawsuit by the Securities and Exchange Commission (SEC) against Kraken, which had accused the exchange of operating as an unregistered securities broker. The SEC's decision to drop the case has removed a significant obstacle for Kraken's public listing plans.

In an effort to expand its offerings, Kraken agreed last week to purchase NinjaTrader, a U.S.-based retail futures trading platform, for $1.5 billion.

This acquisition is expected to strengthen Kraken's ability to offer crypto futures and derivatives in the U.S. market, aligning with its broader objectives of entering equities trading and payment sectors.