# Kraken

> Privately held crypto exchange operated by Payward; announced $800M of financing and a $20B strategic-investment valuation in November 2025, then confidentially submitted an IPO registration.

## Why it is interesting

Kraken has moved beyond spot crypto exchange into derivatives, tokenized assets and payments. A confidential IPO submission is a real regulatory milestone, but not a public listing, and the $20B financing mark must not be confused with a traded market capitalization.

## Profile

- **Latest funding:** Private financing (two tranches) — $800M total announced; includes $200M strategic Citadel Securities investment agreement (November 18, 2025)
- **Latest known valuation:** $20B for the $200M Citadel strategic agreement; does not independently price every tranche (November 18, 2025)
- **Total disclosed equity funding:** $800M
- **Stage:** growth
- **Status:** private
- **Industries:** crypto-web3, fintech
- **Coverage:** full
- **Last updated:** 2026-10-29
- **Latest funding investors:** Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management, Tribe Capital, Citadel Securities

## Key facts

- Nov 19, 2025: Payward confidentially submitted a draft S-1 for a proposed US IPO; no listing date or IPO price was announced.
- Nov 18, 2025: Kraken announced $800M financing across two tranches.
- A $200M strategic agreement with Citadel Securities was priced at a reported $20B valuation, not a public-market value.
- Sep 2026 reports discussed a potential IPO no earlier than Q2 2027; company had not confirmed a date.

## Funding history

- Private financing (two tranches) · $800M total announced; includes $200M strategic Citadel Securities investment agreement · November 18, 2025
  Source: https://blog.kraken.com/news/800-million-raise-to-advance-strategic-roadmap

## Investors in our directory

- https://venturecapitaltracker.com/fund/alumni-ventures

**By:** [Venture Capital Tracker](https://venturecapitaltracker.com/editorial-policy)
**Last updated:** October 29, 2026

**Editorial note:** AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.

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Source: https://venturecapitaltracker.com/startup/kraken