Kraken Lands $800M Only a Month after Acquiring IG Subsidiary for US Derivatives Push

Cryptocurrency exchange Kraken has raised $800 million in a dual-tranche funding round, pushing its valuation to $20 billion—a 33% increase from the company’s $15 billion valuation less than two months ago.

The funding comes amid a crypto-friendly regulatory shift under President Trump, which has encouraged digital asset firms to expand U.S. operations. Kraken’s headline valuation growth reinforces this trend and underscores continued investor appetite for digital-asset businesses.

Digital assets meet tradfi in London at the FMLS25.

The Fundraising Details

The primary tranche of the $800 million round was led by institutional investors including Jane Street, HSG, Oppenheimer Alternative Investment Management, and Tribe Capital. Citadel Securities contributed $200 million as a strategic second tranche.

This investment from Citadel Securities directly aligns one of Wall Street’s key market-structure firms with Kraken’s plans to expand its regulated derivatives offering in the United States.

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Last month, Kraken acquired futures venue Small Exchange from IG Group for $100 million, paving the way to launch a fully U.S.-based derivatives suite. The strategic timing of Citadel Securities’s investment indicates that institutional trading giants are positioning themselves ahead of the expected shift toward regulated, high-volume digital-asset derivatives.

Kraken has also been steadily expanding its footprint in traditional regulated markets. In March 2025 the company acquired NinjaTrader, a U.S.-based retail futures trading platform, in a $1.5 billion deal. This acquisition marks one of Kraken’s largest moves into conventional, CFTC-regulated market infrastructure.

Taken together, the Small Exchange purchase, and NinjaTrader acquisition, and Citadel Securities’s strategic participation signal Kraken’s clear ambition: to position itself as a leading, fully regulated multi-asset derivatives provider in the U.S. market.

Performance and Valuation Context

Kraken’s valuation is supported by strong operating metrics, placing it as a leading U.S. player behind Nasdaq-listed Coinbase. The exchange generated $1.5 billion in revenue in 2024, followed by $472 million in Q1 2025. It currently handles an average of $1.37 billion in daily trading volume, making it the second-largest U.S. exchange by volume.

At $20 billion, Kraken is now valued well above public peers such as Bullish and Gemini, both of which have experienced volatile trading since their listings. The valuation reflects investor conviction in Kraken’s ability to capture institutional market share, especially amid rumours about a potential IPO in 2026.