Kraken Seeks $300M Funding Before $20B IPO Supported by Goldman Sachs and Morgan Stanley

Funding and Valuation: Crypto exchange Kraken is negotiating a funding round of $200–$300 million to achieve a $20 billion valuation ahead of its planned IPO, with Morgan Stanley and Goldman Sachs as underwriters.

Leadership Change: The exchange recently appointed David Ripley as CEO, succeeding co-founder Jesse Powell, who emphasized Kraken's focus on innovation and security despite remaining silent on the funding round.

Market Context: As of September 27, 2025, Bitcoin trades at $109,482.60, reflecting a volatile market with a $2.18 trillion market cap, which underscores the timing of Kraken's fundraising efforts.

Regulatory Scrutiny: Analysts warn that the upcoming fundraising may attract regulatory scrutiny, a typical occurrence before IPOs, especially with the involvement of major financial institutions like Goldman Sachs and Morgan Stanley.