Kraken is in advanced talks to secure US$200 million to US$300 million from a strategic investor, which could value the exchange at about US$20 billion.

The funding comes as Kraken prepares for a possible IPO next year, with Morgan Stanley and Goldman Sachs advising.

Based in Cheyenne, Wyoming, Kraken competes with Coinbase and recently expanded into tokenized equity trading.

The company last raised US$500 million at a US$15 billion valuation and has historically raised about US$27 million in primary capital since its founding in 2011.

🔗 Source: Bloomberg

Recent Kraken developments