Kraken mulls $1b debt raise with Goldman Sachs and JPMorgan ahead of IPO
Kraken explores $1B debt raise with Goldman Sachs and JPMorgan
Kraken, one of the world’s leading cryptocurrency exchanges, is reportedly considering raising $1 billion in debt financing as it prepares for a possible initial public offering (IPO).
The fundraising discussions are said to be in the early stages, with Goldman Sachs and JPMorgan Chase advising on the potential deal, according to a Bloomberg.
The move marks a significant step forward in Kraken’s long-standing plans to go public. Earlier this month, the company announced it could launch its IPO as soon as Q1 2026, though it noted that the timeline is subject to change depending on market conditions and regulatory developments.
Momentum builds after SEC case dropped
The renewed IPO effort comes on the heels of a favorable regulatory shift. In recent weeks, the U.S. Securities and Exchange Commission (SEC) dropped its case against Kraken, which had alleged securities law violations. The resolution removed a major obstacle to Kraken’s public market ambitions and bolstered its credibility with investors.
Kraken has been exploring IPO plans since 2021 and previously considered raising over $100 million in a pre-IPO funding round in mid-2024. The exchange recorded more than $1.5 billion in revenue last year, positioning it among the top-performing crypto platforms. By comparison, rival Coinbase went public in April 2021 and remains the only major U.S.-based exchange currently listed on the stock market.
Crypto market recovery boosts confidence
As digital asset markets rebound in 2025 and investor interest returns, Kraken’s potential IPO represents a signal of renewed confidence in the sector’s long-term growth. Should the debt raise succeed, it would provide the firm with the financial flexibility to strengthen operations ahead of listing.
If completed, Kraken’s IPO would be one of the most closely watched public offerings in the crypto industry since Coinbase’s debut.
