Kraken's Valuation Plummets Ahead of Potential 2027 IPO

Kraken, one of the leading crypto exchanges, has been working towards an IPO. In November 2025, it raised $800 million at a valuation of $20 billion, a significant increase from its previous valuation of $15 billion just two months earlier.

The exchange paused its planned Q1 2026 IPO in March 2026 after confidentially filing its S-1 with the SEC due to market conditions. However, it has continued to grow, reporting adjusted revenue of $2.2 billion for full-year 2025, representing a 33% year-on-year growth.

Kraken's acquisition strategy is a key factor in its valuation growth. The exchange has made several strategic acquisitions, including the $1.5 billion NinjaTrader deal in March 2025 and the $600 million Reap deal in May 2026.

The gap between primary rounds and secondary market pricing has been significant, with Forge Global's derived price placing Kraken at $12.19 billion as of June 2026, a 39% discount to the $20 billion primary round valuation.