Crypto exchange Kraken announced on Tuesday that its latest fundraise values the company at $20 billion, marking a 33% jump in less than two months, as investor appetite for digital asset companies continues to grow.
The company closed an $800 million dual-tranche round, boosted by a crypto-friendly regulatory stance under U.S. President Trump, which has motivated digital asset platforms to expand in the U.S. with expectations of clearer rules. Kraken’s primary tranche was backed by major institutional players including Jane Street, HSG, Oppenheimer Alternative Investment Management, and Tribe Capital — the latter co-founded by Kraken’s co-CEO Arjun Sethi.
In the second tranche, Citadel Securities injected $200 million as a strategic investment.
This round pushes Kraken’s valuation far above its newly listed public peers Bullish and Gemini, both of which have struggled after strong debut sessions on U.S. exchanges, highlighting ongoing hurdles for crypto companies navigating public markets as the sector aims for mainstream traction.
The update also arrives at a moment when crypto prices are dipping after an extended rally led by bitcoin, influenced by uncertainty over future U.S. rate cuts and a more risk-averse sentiment among investors.
Kraken has been directing capital toward expansion across multiple asset classes and increasing its user base. Just last month, it revealed the acquisition of futures exchange Small Exchange from IG Group for $100 million, setting the stage for a fully U.S.-based derivatives offering.
Industry peers like Gemini, Coinbase, and Ripple have likewise gained from reduced regulatory pressure under President Trump, who, along with his family, has been an active participant in this emerging financial sector.
