Crypto Firm Kraken Seeks Over $10 Billion Valuation
Jesse Powell, chief executive officer of Kraken Bitcoin Exchange, sits for a photograph at the company’s office in San Francisco, California, U.S. (Photographer: David Paul Morris/Bloomberg)

Crypto Firm Kraken Seeks Over $10 Billion Valuation

Kraken is in talks to raise new funding in a move that would more than double the cryptocurrency exchange’s valuation to more than $10 billion, according to a person familiar with the matter.

The San Francisco-based company, founded by Chief Executive Officer Jesse Powell in 2011, is in discussions with firms including Fidelity, Tribe Capital and General Atlantic, said people familiar with the matter, who requested anonymity because the talks are private. Terms, including lead investors, aren’t final, but Kraken’s valuation could surpass $20 billion depending on demand, one of the people said.

Representatives for Kraken, Tribe Capital, General Atlantic and Fidelity declined to comment.

Attention on crypto as an asset class is soaring. Earlier Thursday, Kraken’s larger rival Coinbase Global Inc., which has been valued at nearly $100 billion, filed for a direct listing, citing skyrocketing revenue growth. Crypto exchanges have gained users as Bitcoin rallied in the past year, and set a record of more than $58,000 this week. Crypto exchanges make their revenue off of transaction fees, and have benefited a surge in trading volume.

Crypto Firm Kraken Seeks Over $10 Billion Valuation

Kraken, which is subject to U.S. regulation, offers coins including Bitcoin, Ethereum and Litecoin, its website shows. The company in 2019 leaned on investment platform Bnk to the Future to raise $13 million at a roughly $4 billion valuation.

Kraken facilitates margin trading and is one of the largest U.S. crypto exchanges by spot trading volume, according to It’s also a top-10 crypto exchange globally in Bitcoin futures, according to tracker

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