---
title: "Kraken revenue and valuation"
description: "Kraken's revenue is estimated at $1.04B–$6.46B, last reported at $2.2B. Valued at $21B after raising $1.53B. Funding rounds and competitors."
url: https://www.tryspecter.com/revenue-valuation/kraken.md
canonical_url: https://www.tryspecter.com/revenue-valuation/kraken
publisher: Specter
last_updated: 2026-11-01
---

# Kraken revenue and valuation

Specter estimates Kraken's annual revenue at $1.04B to $6.46B and its valuation at $18B to $28.1B. The company last reported $2.2B revenue in December 2025 and was priced at $21B in September 2026.

Kraken is a cryptocurrency exchange and trading platform for crypto, stocks, futures, and staking.

- Estimated revenue: $1.04B to $6.46B (October 2026)
- Estimated valuation: $18B to $28.1B (October 2026)
- Last reported revenue: $2.2B (December 2025)
- Total funding: $1.53B
- Founded: 2011
- Headquarters: San Francisco, United States
- Employees: 1,187
- Sector: Crypto
- Specter Rank: #35,145

## Kraken revenue

Kraken grew from $1.65B revenue in June 2025 to $2.2B in December 2025. Specter's model puts current revenue between $1.04B and $6.46B, anchored to three reported figures.

| Reported figure | Date | Source |
| --- | --- | --- |
| $2.2B revenue | December 2025 | [Kraken’s 2025 Revenue Soared to $2.2 Billion as It Prepares for an IPO](https://www.financemagnates.com/cryptocurrency/krakens-2025-revenue-soared-to-22-billion-as-it-prepares-for-an-ipo/) (financemagnates.com) |
| $2.59B revenue | September 2025 | [Crypto Exchange Kraken Revenue More Than Doubled in Q3 to $648M](https://www.coindesk.com/business/2025/10/22/kraken-revenue-more-than-doubled-in-q3-as-company-preps-for-possible-ipo) (coindesk.com) |
| $1.65B revenue | June 2025 | [Kraken’s Q2 revenue rises 18% to $412 million despite adjusted EBITDA drop amid ‘market turbulence’](https://x.com/TheBlock__/status/1950779854820892742) (x.com) |

| Month | Specter estimate | Low | High |
| --- | --- | --- | --- |
| October 2026 | $2.6B | $1.04B | $6.46B |
| September 2026 | $2.53B | $1.21B | $5.3B |
| August 2026 | $2.38B | $1.22B | $4.61B |
| July 2026 | $2.49B | $1.39B | $4.47B |
| June 2026 | $2.56B | $1.56B | $4.22B |
| May 2026 | $2.44B | $1.5B | $3.95B |
| April 2026 | $2.35B | $1.54B | $3.59B |
| March 2026 | $2.36B | $1.67B | $3.35B |
| February 2026 | $2.41B | $1.81B | $3.23B |
| January 2026 | $2.4B | $1.88B | $3.05B |
| December 2025 | $2.2B | $1.83B | $2.64B |
| November 2025 | $2.32B | $1.74B | $3.11B |
| October 2025 | $2.45B | $1.94B | $3.1B |
| September 2025 | $2.59B | $2.16B | $3.12B |
| August 2025 | $2.23B | $1.66B | $2.99B |
| July 2025 | $1.92B | $1.49B | $2.46B |
| June 2025 | $1.65B | $1.37B | $1.98B |
| May 2025 | $280M | $74M | $490M |
| April 2025 | $280M | $83M | $470M |
| March 2025 | $360M | $112M | $620M |
| February 2025 | $290M | $85M | $500M |
| January 2025 | $290M | $65M | $510M |
| December 2024 | $270M | $60M | $480M |
| November 2024 | $230M | $63M | $390M |
| October 2024 | $210M | $81M | $350M |
| September 2024 | $280M | $110M | $440M |
| August 2024 | $320M | $133M | $510M |
| July 2024 | $340M | $157M | $530M |
| June 2024 | $310M | $144M | $480M |

## Kraken valuation

Kraken's valuation rose from $4B at its Series C in February 2019 to $21B at its Series E in September 2026. Specter's live estimate sits between $18B and $28.1B.

| Month | Specter estimate | Low | High |
| --- | --- | --- | --- |
| October 2026 | $22.5B | $18B | $28.1B |
| September 2026 | $21B | $17.5B | $25.3B |
| August 2026 | $20.9B | $11.2B | $39B |
| July 2026 | $20.8B | $12.1B | $35.5B |
| June 2026 | $20.6B | $13.1B | $32.5B |
| May 2026 | $20.5B | $13.8B | $30.4B |
| April 2026 | $20.4B | $14.5B | $28.5B |
| March 2026 | $20.3B | $15.1B | $27.2B |
| February 2026 | $20.1B | $15.8B | $25.6B |
| January 2026 | $20B | $16.6B | $24.1B |
| December 2025 | $2B | $1.66B | $2.4B |
| November 2025 | $20B | $16.6B | $24.1B |
| October 2025 | $17.3B | $13.8B | $21.7B |
| September 2025 | $15B | $12.5B | $18B |
| August 2025 | $4.24B | $1.75B | $9.67B |
| July 2025 | $6.65B | $2.02B | $10.3B |
| June 2025 | $5.9B | $1.85B | $8.11B |
| May 2025 | $2.29B | $600M | $3.74B |
| April 2025 | $2.56B | $740M | $3.54B |
| March 2025 | $3.03B | $860M | $4.8B |
| February 2025 | $2.56B | $760M | $3.43B |
| January 2025 | $2.59B | $780M | $3.26B |
| December 2024 | $2.62B | $790M | $3.11B |
| November 2024 | $2.22B | $850M | $3.15B |
| October 2024 | $1.72B | $710M | $2.82B |
| September 2024 | $2.73B | $910M | $4.59B |
| August 2024 | $2.77B | $960M | $5.45B |
| July 2024 | $3.2B | $1.13B | $5.57B |
| June 2024 | $3.21B | $1.1B | $5.52B |

| Reported valuation | Month | Source |
| --- | --- | --- |
| $21B | September 2026 | Funding round |
| $20B | January 2026 | [forbes.n1info.si](https://forbes.n1info.si/posel/tehnoloski-velikan-odpira-sezono-na-borzo-letos-se-vec-znanih-imen/) |
| $2B | December 2025 | [techround.co.uk](https://techround.co.uk/startups/10-funding-rounds-to-know-about-in-november-2025/) |
| $20B | November 2025 | Funding round |
| $15B | September 2025 | Funding round |
| $4.01B | May 2019 | Funding round |
| $4B | February 2019 | Funding round |

## Kraken funding rounds

| Date | Round | Raised | Post-money | Lead investors |
| --- | --- | --- | --- | --- |
| 10 Sep 2026 | Series E | $100M | $21B | Nasdaq Ventures |
| 18 Nov 2025 | Venture round | $800M | $20B | Citadel Securities, DRW Venture Capital, Jane Street Capital, HSG, Oppenheimer & Co., Tribe Capital |
| 27 Oct 2025 | Venture round | Undisclosed | Undisclosed | C1Fund |
| 26 Sep 2025 | Venture round | $500M | $15B | Undisclosed |
| 13 Aug 2025 | Series D | $3.42M | Undisclosed | Undisclosed |
| 17 Jun 2025 | Secondary | Undisclosed | Undisclosed | Undisclosed |
| 24 Oct 2024 | Secondary | Undisclosed | Undisclosed | Undisclosed |
| 1 Jan 2024 | Secondary | Undisclosed | Undisclosed | Undisclosed |
| 1 Feb 2022 | Venture round | $1.5M | Undisclosed | 2B Global Capital, Venture Garage |
| 1 Jun 2021 | Secondary | $10M | Undisclosed | Undisclosed |
| 20 May 2021 | Series D | Undisclosed | Undisclosed | RIT Capital Partners, Meros Equity Global Management |
| 1 Apr 2021 | Secondary | Undisclosed | Undisclosed | Undisclosed |
| 19 Mar 2021 | Venture round | $300K | Undisclosed | Undisclosed |
| 31 Oct 2020 | Secondary | Undisclosed | Undisclosed | Undisclosed |
| 1 Mar 2020 | Secondary | Undisclosed | Undisclosed | Undisclosed |
| 21 May 2019 | Equity crowdfunding | $13.5M | $4.01B | Undisclosed |
| 4 Feb 2019 | Series C | $100M | $4B | Undisclosed |
| 1 May 2018 | Series B | Undisclosed | Undisclosed | Undisclosed |
| 16 Apr 2016 | Series B | Undisclosed | Undisclosed | SBI Investment |
| 15 Mar 2015 | Series A | $250K | Undisclosed | Undisclosed |
| 25 Mar 2014 | Series A | $5M | Undisclosed | Hummingbird Ventures |

## Kraken vs competitors

The crypto exchange market divides between institutional reliability and high-speed retail derivatives.

| Company | Estimated revenue | Estimated valuation |
| --- | --- | --- |
| Kraken | $1.04B–$6.46B | $18B–$28.1B |
| Binance (binance.com) | $17.2B–$55.2B | $10.1B–$79.7B |
| Coinbase (coinbase.com) | $3.47B–$5.15B | $25.6B–$87.7B |
| OKX (okx.com) | $1.05B–$2.93B | $19.9B–$33.6B |
| Bybit (bybit.com) | $260M–$1.6B | $1B–$6.11B |

## Questions

### What is Kraken's revenue?

Specter estimates Kraken's annual revenue at $1.04B to $6.46B as of October 2026. Kraken last reported $2.2B revenue in December 2025, up from $1.65B in June 2025.

### What is Kraken's valuation?

Kraken's latest post-money valuation is $21B, from a September 2026 Series E. Specter's live estimate is $18B to $28.1B.

### What is Kraken's revenue multiple?

Kraken is valued at about 9.5× revenue, based on its $21B September 2026 valuation and $2.2B last reported revenue. That works out to roughly $1.85M of revenue per employee.

### How much funding has Kraken raised?

$1.53B across 21 rounds, from a $5M Series A in March 2014 to a $100M Series E in September 2026.

### Who invested in Kraken?

69 investors, including Citadel Securities, DRW Venture Capital, HSG, Jane Street Capital, Nasdaq Ventures and Oppenheimer & Co.

### Who are Kraken's competitors?

Binance, Coinbase, OKX and Bybit. Specter ranks 30 competitors for Kraken.

## About this data

Specter models revenue and valuation monthly and anchors each estimate to reported figures and priced rounds. Method: https://www.tryspecter.com/revenue-valuation

Cite as: Specter. "Kraken revenue and valuation." tryspecter.com/revenue-valuation/kraken. Updated November 2026.