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Kraken Negotiating New Capital Raise at Least a $10B Valuation: Report
The new funding could more than double the exchange's 2019 valuation of $4 billion to at least $10 billion.
Kraken is reportedly in talks to raise new capital in a move that could see the company's valuation soar to new heights.
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The U.S.-based cryptocurrency exchange is currently in discussions with Fidelity, Tribe Capital and General Atlantic to raise an unknown sum, according to a report by Bloomberg on Thursday.
If approved and agreed upon, the new funding could more than double the company's previous valuation of $4 billion made back in 2019 to more than $10 billion, according to figures cited in the report. The exchange's valuation could even top $20 billion depending on demand, the report said.
The report cites people close to the matter who have requested anonymity due to concerns about the deal's secrecy.
See also: Coinbase’s Financials Are Now Public Ahead of Stock Market Listing
In 2019, Kraken raised $13.5 million in a financing round that saw over 2,000 participants buying in. The move pushed the exchange's valuation above the $4 billion mark.
CoinDesk attempted to contact Kraken but has yet to receive a response.
UPDATE (Feb. 27, 21:50 UTC): Updating to reflect new figures in the Bloomberg article.
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
