Kraken reportedly exploring $1 billion debt raise ahead of potential IPO

Kraken is reportedly seeking to raise up to $1 billion in debt as it prepares for a potential initial public offering, according to a Bloomberg News report citing people familiar with the matter.

Goldman Sachs and JPMorgan are leading the fundraising effort, allegedly in early-stage discussions with additional banks and direct lenders. While the debt raise could reach $1 billion, one source indicated that a smaller raise, potentially as low as $200 million, is also being considered. 

The firm would direct the proceeds toward growth initiatives rather than operational needs. Representatives for Kraken, Goldman Sachs, and JPMorgan declined to comment.

Strategic positioning ahead of IPO

According to the same sources, Kraken may also pursue an equity raise alongside the debt issuance, though the size and structure of the capital raise remain undecided. 

The report noted that the company has not finalized any decisions and that terms could change as discussions progress. 

The rumors surfaced amid alleged talks of a Kraken initial public offering (IPO) as early as the first quarter of 2026.

Additionally, the exchange recently disclosed that it generated $1.5 billion in revenue for 2024, representing a 128% increase over the previous year. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reached $380 million.

NinjaTrader acquisition

According to the exchange’s official website, it serves over 10 million users across 190 countries and has quarterly trading volumes exceeding $207 billion as of March.

Last week, Kraken announced a $1.5 billion acquisition of NinjaTrader, a retail-focused futures trading platform. The deal is intended to expand Kraken’s derivatives offerings and comes amid previous discussions about securing pre-IPO funding. 

Along with the deal, Kraken revealed that it holds nearly $43 billion in customer assets and averages more than $2,000 in revenue per customer.

The planned debt issuance would enhance Kraken’s strategic financial position as it explores options for scaling operations and entering the public markets.

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