Kraken Raises $500M in Funding Round Valuing Crypto Exchange at $15B

Kraken has successfully closed a $500 million funding round, valuing the cryptocurrency exchange at $15 billion. This funding round, which included investment managers, venture capitalists, and co-CEO Arjun Sethi, sets the stage for a long-anticipated IPO expected next year. The significant growth in revenue, amounting to $411 million and nearly $80 million in post-Ebitda earnings during the second quarter, reflects the company's transformation under Sethi's leadership. Notably, Kraken has expanded its customer base by 2 million and has bolstered its presence in traditional finance, while also acquiring NinjaTrader for $1.5 billion. The funding round reportedly closed on Kraken’s terms without a lead investor, representing a significant development for the company and its future plans for an IPO.

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