Kraken is reportedly planning to secure $100 million through a final funding round by the year's end ahead of a potential IPO in 2025, according to Bloomberg News sources familiar with the matter. The company is seeking a prominent board member to assist in preparing for the IPO, although discussions with potential candidates have been informal, focusing on terms and valuations without formal documentation.

Kraken did not confirm these plans but indicated its current focus on investing in initiatives aimed at accelerating global crypto adoption.

Speculation about a Kraken IPO has circulated since at least February 2021, with initial reports suggesting a potential $10 billion valuation. Former CEO Jesse Powell, who stepped down in late 2022, acknowledged the IPO consideration, regarding the $10 billion valuation as conservative. He initially targeted a 2022 IPO but stressed that it was not assured.

New CEO Dave Ripley, who assumed the role in April 2023, refrained from commenting on specific IPO intentions but mentioned Kraken's pursuit of both private and public funding.

Kraken's funding history, as per Crunchbase, shows it has raised over $30 million across more than 20 funding rounds.

The Securities and Exchange Commission (SEC) filed a lawsuit against Kraken in November 2023, alleging the exchange operated as an unregistered securities exchange, broker, dealer, and clearing agency. Kraken has opted to contest the lawsuit rather than settle, and the outcome's potential impact on a future IPO remains uncertain.