<!--StartFragment--> Crypto exchange giant Kraken is reportedly considering a strategic **$1 billion debt raise** as it positions itself for a potential **initial public offering (IPO) in 2026**. The move marks a significant step in Kraken’s expansion as the platform seeks to scale operations and diversify its offerings in a changing regulatory climate. <!--EndFragment-->

Strategic Financing for Expansion

Debt raise to fund growth, not cover costs

Kraken is exploring a major debt financing round valued between $200 million and $1 billion, according to Bloomberg. The company is working with Goldman Sachs and JPMorgan Chase to structure the raise.

Importantly, the funding is not intended to cover operational expenses, but rather to fuel strategic growth, including new products, acquisitions, and infrastructure development. Kraken may also pursue an equity raise, though plans are still under discussion and subject to change.

Financial Performance and Growth Indicators

Strong momentum heading into 2026

Founded in 2011, Kraken posted significant gains in 2024:

• Revenue surged 128% to $1.5 billion
• EBITDA reached $380 million
• Quarterly trading volume exceeded $207 billion
• User base now spans 10 million+ users across 190 countries

These robust figures give Kraken a solid foundation as it evaluates a public listing, reinforcing investor confidence in its operational strength and growth trajectory.

Favorable Regulatory Landscape

Trump administration and SEC case dismissal boost IPO outlook

Kraken’s IPO ambitions have been strengthened by recent regulatory developments. The SEC dropped its lawsuit accusing Kraken of operating as an unregistered securities broker — a major win for the company.

With President Donald Trump’s administration adopting a more crypto-friendly stance, the regulatory environment appears more conducive to crypto firms entering public markets. Kraken is now reportedly eyeing Q1 2026 for its IPO.

Acquisition of NinjaTrader

$1.5 billion deal adds futures and derivatives capability

In a bold move to expand its offerings, Kraken recently announced the acquisition of NinjaTrader, a retail-focused U.S. futures trading platform, for $1.5 billion.

This acquisition enables Kraken to accelerate its entry into crypto futures and derivatives, especially in the U.S. market. It also supports broader strategic goals of branching into equities trading and payment services — key steps to becoming a more comprehensive financial platform.

What This Means for the Crypto Industry

Kraken’s IPO could mark a turning point

Kraken’s preparation for an IPO — combined with strategic funding and expansion — signals growing institutional acceptance of crypto-native firms. If successful, the IPO could follow in the footsteps of Coinbase’s 2021 public listing, potentially drawing even more traditional investors into the digital asset space.

Moreover, Kraken’s decision to raise capital through debt, rather than equity, may reflect strong confidence in revenue stability and a desire to avoid diluting ownership ahead of a public debut.