TL;DR Funding milestone: Kraken raised $500M in a self-led round, reaching a $15B valuation while retaining control over terms. Financial strength: Q2 2025 revenue hit $411M with $80M post-Ebitda earnings, supported by 68% fiat-to-crypto dominance. IPO roadmap: Leadership restructuring and product expansion set the stage for a 2026 IPO amid strong competition.