Crypto exchange Kraken is raising $500 million at a $15 billion valuation to strengthen its financial position ahead of a planned IPO in early 2026. The move follows the U.S. SEC dropping its lawsuit against Kraken, easing regulatory pressures. Kraken reported $472 million in Q1 2025 revenue and processes $1.37 billion in daily trading volume. Recent expansions include acquiring futures platform NinjaTrader for $1.5 billion and launching its peer-to-peer app “Krak.” Kraken’s IPO ambitions remain tied to market conditions and strategic timing. The funding aims to boost investor confidence and position Kraken competitively alongside Coinbase in the public markets.