Kraken Revenue Doubles as Exchange Eyes 2026 US IPO
Crypto exchange Kraken has reported a two-fold increase in revenue this year, setting the stage for a potential initial public offering (IPO) in 2026, according to people familiar with the company’s plans. The surge comes amid renewed enthusiasm for digital assets, increased institutional participation, and record-high trading volumes across major crypto markets.
Revenue Soars Amid Institutional Demand
Kraken’s 2025 revenue reportedly surpassed $1.4 billion, more than double its 2024 figures. A significant portion of the growth came from institutional trading desks and prime brokerage services, which now represent nearly 45% of total exchange activity.
“Institutional demand has never been stronger,” said a Kraken spokesperson.
“With ETF approvals, clearer regulation, and the integration of traditional finance infrastructure, we’re seeing deep engagement from hedge funds and asset managers.”
The company’s derivatives and staking divisions were standout performers. Kraken’s Ethereum staking business saw inflows rise 120% year-over-year following the approval of spot ETH ETFs in the US, while Bitcoin futures trading volumes reached all-time highs in September.
IPO Preparations Underway
Sources close to the matter indicate Kraken has been meeting with investment banks to discuss a potential 2026 US stock market debut, likely on the Nasdaq, mirroring Coinbase’s 2021 direct listing.
The exchange is reportedly working with financial advisors to finalize its audited financials for 2025 and strengthen compliance systems to meet US Securities and Exchange Commission (SEC) listing requirements.
“We’re taking a measured approach,” said Kraken CEO Dave Ripley.
“Our focus remains on sustainable growth, global expansion, and operational excellence — going public is one possible milestone on that journey.”
While no firm date has been announced, the company’s internal timeline suggests a Q2 or Q3 2026 IPO window, depending on market conditions and regulatory clarity.
Regulatory Wins and Expansion
Kraken has made notable progress on the regulatory front, securing new licenses in the UK, Australia, and Canada. The firm also received in-principle approval from the Abu Dhabi Global Market (ADGM) to operate as a fully regulated virtual asset service provider in the Middle East.
In the US, Kraken continues to cooperate with regulators after resolving earlier disputes with the SEC and CFTC. Insiders say the company has strengthened its compliance, custody, and reporting frameworks, aligning closely with the evolving federal crypto oversight landscape.
Global Growth Strategy
Kraken’s user base now exceeds 15 million accounts across 190 countries, with trading volume surging in Asia and Latin America. The firm’s latest expansion includes plans for a Singapore institutional hub and European headquarters in Dublin, positioning it to capture new regional markets ahead of the IPO.
Additionally, Kraken Ventures — the company’s investment arm — has deployed over $150 million into early-stage blockchain, DeFi, and AI startups over the past 18 months.
Analysts Weigh In
Market analysts view Kraken’s growth trajectory as a positive signal for the broader crypto industry, especially following Coinbase’s strong quarterly results and Robinhood’s renewed crypto push.
“Kraken is the quiet powerhouse of crypto exchanges,” said Matthew Sigel, head of digital assets research at VanEck.
“It has avoided many of the compliance missteps of competitors and is now well-positioned for public markets.”
However, Sigel cautioned that market volatility and global regulatory changes could still influence the timing of its IPO.
What It Means for the Crypto Industry
A successful Kraken IPO would mark a new phase of crypto mainstream adoption, giving investors exposure to one of the most established platforms in digital assets. It could also reignite Wall Street interest in blockchain-native equities after a muted period of tech IPOs.
As of October 2025, Kraken’s internal valuation reportedly stands at around $16–18 billion, according to private secondary market data — a figure that could climb if Bitcoin sustains prices above $100,000 into 2026.
Bottom Line
Kraken’s doubling revenue, growing institutional demand, and renewed regulatory confidence signal a strong foundation for its 2026 IPO ambitions. If market conditions remain favorable, the exchange could follow in Coinbase’s footsteps, becoming the second major US-listed crypto exchange and further legitimizing the digital asset economy in traditional finance circles.
