- Kraken is reportedly seeking a debt package worth up to $1 billion as part of preparations for a potential initial public offering (IPO).
- Bloomberg reports that Kraken is working with major financial institutions such as JPMorgan Chase and Goldman Sachs.
- The cryptocurrency exchange Coinbase went public in 2021.
Kraken, one of the leading cryptocurrency exchanges, is reportedly exploring a sizeable debt package of up to $1 billion ahead of a possible IPO.
According to a Bloomberg article published on Monday, March 24, 2025, Kraken is considering taking on debt as part of its ongoing efforts to pursue a potential public listing.
This is not the first time the exchange has been linked to an IPO, but the latest report adds fresh details, including discussions with prominent U.S. banks.
Kraken Engages Goldman Sachs and JPMorgan Chase for $1 Billion Capital Raise
San Francisco-based Kraken recently achieved a notable victory when the U.S. Securities and Exchange Commission (SEC) dropped its lawsuit against the exchange. Earlier this year, Kraken announced plans for an IPO, targeting the first quarter of 2026.
The Bloomberg report adds to growing speculation around an IPO, indicating that Kraken has enlisted Goldman Sachs and JPMorgan Chase to assist with the potential debt raise.
While the exchange has previously cautioned that an IPO is not guaranteed, the move to explore a debt package has intensified market speculation.
A $1 billion capital infusion would represent a significant boost for the company if completed. Founded in 2011, Kraken is among several crypto firms contemplating public listings.
Other companies considering IPOs amid renewed optimism in the crypto sector include Circle, the issuer of USDC—the world’s second-largest dollar-pegged stablecoin. Gemini has also reportedly expressed ambitions to join Coinbase among publicly traded crypto firms.
Blockchain.com and crypto-friendly brokerage eToro are also pursuing public listings. Meanwhile, executives at Tether and Ripple have previously downplayed the urgency of going public. Notably, Coinbase completed its IPO in 2021.