HISTORICAL P100 / #17

Kraken

Crypto Exchange · United States

Historical ranking valuation$20.0BSource snapshot: Jun 19, 2026

Disclosed primary funding in this record

$605M

Sum of non-overlapping disclosed USD amounts in confirmed primary financing entries in this record, including separately labeled equity components; not verified lifetime funding. Excludes amounts already included in a later round, announced, reported, database-only, debt, secondary and unclassified events.

2 confirmed primary rounds with disclosed USD amounts · Record through 2026-11-01

THE BUSINESS

Get to know Kraken.

Kraken operates a digital-asset exchange and offers institutional trading, custody and financing services. Its institutional materials distinguish exchange, OTC and prime-style access routes.

Kraken Institutional products ↗Source checked Sep 24, 2026

Valuation history

Valuations reported at the time of each round.

Nov 18, 2025$20BCitadel Securities strategic investment agreement · AnnouncedSource ↗

Sep 26, 2025$15B reportedEarlier reported size of 2025 institutional tranche · ReportedSource ↗

Funding history

Funding rounds, debt and other financing events.

10sourced events · record as of 2026-11-01

Kraken announced $800M across two 2025 tranches, not an $800M November raise additive to an imported $500M September round. Its release describes a $200M Citadel Securities agreement as subsequent to a $600M institutional tranche; the September $500M report is an earlier, conflicting description within that financing, not added again. Whether the $200M agreement completed is not established by that release. Payward's May 2025 and May 2026 Form Ds each mark a business-combination transaction and do not establish additive cash fundraising; the 2026 filing reports $354.17M sold, not issuer cash received. The separately reported historical Tribe investment aggregate mixes primary and secondary, without an allocation; it is not a priced issuer round or additional confirmed-primary capital. The March 2021 database claim is not authenticated or replaced by that report. All four database leads remain unreviewed. This is not a complete legal financing register or current cap table. Headline association; not a reviewed issuer link. Unlinked article observations are not independently reconciled financing events. This is covered public-source history, not an exhaustive issuer ledger.

Sep 10, 2026LATEST SOURCED

other

Nasdaq backs Payward with a $100M agreement

Investors undisclosed

Amount$100MValuationUndisclosed

May 8, 202609

other

Payward business-combination equity offering notice

Investors undisclosed

Issuer-filed $354,170,347 amount sold in an equity offering marked as related to a business combination; not classified as fresh cash financing or added to primary capital. First sale date is not an announcement or closing date.

Amount$354,170,347 sold in offeringValuationUndisclosed

Nov 18, 202508

primary

2025 institutional financing tranche

Jane Street · DRW Venture Capital · HSG · Oppenheimer Alternative Investment Management · Tribe Capital · Arjun Sethi family office

$600M is the arithmetic remainder of Kraken's $800M two-tranche total after its separately described subsequent $200M Citadel agreement. The issuer does not call the named institutional participants co-leads or confirm the reported $15B valuation. November 18 is the release date; reporting places the earlier close in September.

Amount$600MValuationUndisclosed

Nov 18, 202507

primary

Citadel Securities strategic investment agreement

Citadel Securities

Kraken says an agreement for a subsequent $200M investment was executed at a $20B valuation. The reviewed release does not separately establish funding or a legal close, so this is not counted as confirmed primary capital.

Amount$200MValuation$20B

Sep 26, 202506

other

Earlier reported size of 2025 institutional tranche

Investors undisclosed

Included in 2025 institutional financing tranche; not added again to the confirmed-raised sum.

The $500M/$15B terms were reported in September. Kraken's later issuer release describes $800M across a $600M initial tranche and a subsequent $200M agreement; this $500M report is context, not another additive financing.

Amount$500MValuation$15B reported

May 1, 202505

other

Payward business-combination equity offering notice

Investors undisclosed

Issuer-filed $400M amount sold in an equity offering marked as related to a business combination. It is not an additional $400M financing or proof of cash proceeds; relationship to the later institutional financing is unverified.

Amount$400M sold in offeringValuationUndisclosed

Feb 2, 201604

primary

Series B (announced, amount undisclosed)

SBI Investment (lead) · Money Partners Group

Kraken announced SBI Investment's agreement to lead Series B on February 2, then announced Money Partners Group's investment into that same round on April 12. Terms were undisclosed and the February release described closing as still forthcoming. These are not two additive quantified rounds.

AmountUndisclosedValuationUndisclosed

Mar 26, 201403

primary

Series A

Hummingbird Ventures (lead) · Trace Mayer · Barry Silbert

Kraken announces $5M Series A, Hummingbird Ventures lead and two specifically named individual participants. Unrelated pooled investor names from the aggregator were removed. Release day is not independently established as the legal closing day.

Amount$5MValuationUndisclosed

Date undisclosedUNDATED

primary

BnkToTheFuture crowdfunding (reported)

Investors undisclosed

Source published Jun 25, 2019; not a financing date

The report states $13.5M with pending wires and an unresolved final total. June 25 is publication, not an authenticated close date. Participants invested through an SPV, not direct issuer shareholders; its legal identity and exact preference terms remain unverified. Simon Dixon is quoted as the platform cofounder, not a personal lead investment. The platform's June 4 offering allocation of US$15.45M is a ceiling, not proceeds: https://home.bnktothefuture.com/blog/kraken-live-bnk-future-qualifying-investors/ . Its July 10 SPV-market announcement is not another issuer financing or proof of a current sale mandate: https://home.bnktothefuture.com/blog/qualifying-investors-can-now-buy-sell-shares-kraken-spv-bitpay-spv-bf-secondary-market/ .

AmountUS$13.5M reported; final total unresolvedValuationAround $4B reported

Date undisclosedUNDATED

other

Tribe historical investment aggregate (reported)

Tribe Capital

Source published May 20, 2021; not a financing date

The original report attributes $120M of aggregate primary and secondary investment to Tribe, not issuer cash proceeds; the allocation and individual trades remain unknown. May 20 is report publication, not a transaction day. Its since-December wording does not authenticate an exact first/last purchase date. The report's prospective fundraising valuation is not the price of those purchases. A historical institutional-rank description does not establish an ownership percentage, denominator or current retained position. Sethi's interview and board role are not a personal check. Exact subscribing funds/SPVs, LPs, share classes, quantities and sellers are undisclosed. The March 2021 $300K database claim and its pooled backers remain separate unverified leads, not linked transactions. Only the publicly exposed opening paragraphs were inspected, not the subscriber-only remainder. This is historical reported context, not independently reviewed current ownership or saleable inventory.

Amount$120M primary and secondary reportedValuationUndisclosed

Unverified database leads (4)

These database claims have not been independently verified and are excluded from the sourced-event count.

Jan 23, 2024UNVERIFIED

primary

Seed / Angel

Investor participation not independently verified

AmountUndisclosedValuationUndisclosed

Dec 20, 2023UNVERIFIED

primary

Other Venture Capital

Investor participation not independently verified

AmountUndisclosedValuationUndisclosed

Dec 1, 2022UNVERIFIED

primary

Series B

Investor participation not independently verified

AmountUndisclosedValuationUndisclosed

Mar 1, 2021UNVERIFIED

primary

Series U

Investor participation not independently verified

Amount$300KValuationUndisclosed