Kraken

Kraken is one of the world’s oldest and largest cryptocurrency exchanges, founded in 2011 and opened to the public in September 2013. It now serves over 9 million users across 190 countries and supports trading in more than 300 digital assets across six national currencies: USD, EUR, GBP, CAD, CHF, and AUD. What started as the only place to trade Bitcoin with euros has grown into a full-spectrum financial platform competing directly with crypto exchanges and traditional brokers.

Kraken’s primary purpose is to give retail and institutional traders a secure, regulated venue for buying, selling, and holding digital assets. Kraken was among the first exchanges to offer spot trading with margin, parachain auctions, staking, regulated derivatives, and index services under one roof. That breadth has always been part of the pitch: one platform for the full range of what a serious trader needs.

The product suite has expanded beyond crypto. For American users, Kraken offers commission-free trading of over 11,000 US-listed stocks and ETFs through FINRA member Kraken Securities, with a phased rollout starting in 10 states plus Washington, D.C. in April 2025. Kraken also launched xStocks, tokenized versions of major US equities like Apple, Tesla, and Nvidia that trade 24 hours a day on the Solana blockchain. These xStocks are backed one-for-one by real shares. The result is a platform where you can hold Bitcoin, trade S&P 500 stocks, and access crypto futures without switching apps.

Kraken’s financial trajectory is a remarkable story in fintech. In 2024, the exchange generated adjusted revenue of $1.6 billion, up 138% year-over-year, and $421 million in adjusted EBITDA, with 2.5 million funded accounts holding $42.8 billion in assets. Kraken surpassed its 2024 revenue total within the first three quarters of 2025. Q3 2025 was a record quarter: revenue hit $648 million, up 50% quarter-over-quarter, with adjusted EBITDA of $178.6 million and platform assets growing to $59.3 billion.

That growth came largely without outside capital. Kraken raised no more than $27 million in primary capital during its first 14 years, showing it could build a multi-billion dollar business without depending on venture funding. That discipline made the company’s 2025 acquisition spree more striking.

In March 2025, Kraken agreed to acquire NinjaTrader, the leading US retail futures trading platform, for $1.5 billion, marking the largest transaction ever combining traditional finance and crypto. NinjaTrader brought with it nearly two million traders and a CFTC-registered Futures Commission Merchant license, giving Kraken direct access to regulated US futures markets. Kraken also acquired TradeStation Crypto in April 2024 for money transmitter licenses across 47 US states, and acquired Backed Finance in January 2026 to bring xStocks issuance fully in-house.

The funding rounds that followed showed growing institutional conviction in Kraken’s model. In November 2025, Kraken raised $800 million at a $20 billion valuation. The primary tranche was led by Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management, and Tribe Capital. Citadel Securities committed a separate $200 million strategic investment. Citadel Securities President Jim Esposito cited Kraken’s role in the next era of digital market infrastructure as the basis for the firm’s commitment. Goldman Sachs and Morgan Stanley are advising on Kraken’s anticipated IPO, expected in 2026. Kraken confidentially filed a draft registration statement on Form S-1 with the US Securities and Exchange Commission on November 19, 2025.

Kraken is a private company, and its shares do not trade on any public stock exchange. If you want exposure to Kraken ahead of the IPO, you can do so by buying Kraken pre-IPO stock, direct shares, or SAFE notes from the Kraken team or existing shareholders. Acquire.Fi’s OTC and Secondaries Marketplace is the right venue for that.

You can buy Kraken pre-IPO stock on Acquire.Fi by browsing existing sell listings and engaging with one that fits your target price and share amount. If no current listing matches your needs, you can submit a new Buy listing with your preferred valuation and amount.

You can also sell Kraken pre-IPO stock if you hold shares and want to exit your position before the public listing. Engage with an existing Buy listing that meets your terms, or submit a new Sell listing with your asking price and share quantity.

Once your listing is active, Acquire.Fi handles the coordination. The team runs background checks, sends non-disclosure agreements, and connects buyer and seller directly. Both parties are responsible for their own due diligence and payment settlement. Acquire.Fi is not a broker-dealer, but the team will assist both sides wherever possible.