Kraken, one of the household crypto names in the U.S., has reportedly closed its latest funding round successfully in preparation for an upcoming Initial Public Offering (IPO) move.

Fortune, citing “a person who was not authorized to discuss the matter publicly” as a source, claims that the exchange successfully closed a $500 million funding round this month. The same source noted that the round had no primary investor and that Kraken itself set the terms, leading to the $15 billion valuation figure.

The referred source offered just scant details about the round itself, with undisclosed investment managers and venture capitalists taking part, in addition to Tribe Capital, a venture firm co-founded by Krake’s co-CEO Arjun Sethi. Sethi also participated in his personal capacity.

Rumours about the funding round and its figures had been known since July, when reports about a possible revamp of the cryptocurrency exchange structure to go public surged.

Coinbase, a similar U.S. exchange, went public in 2021, during a completely different period in the crypto industry. Even so, having faced regulatory headwinds, it preserves a valuation of $78.8 billion at the time of writing.

Kraken’s main feature to attract investors is its strong business model, which, according to Sethi, is built around “pro traders and institutions.” “Features like Kraken Pro, our robust API, and advanced interfaces make us a destination for funds and high-volume clients—they use our exchange not because it’s flashy, but because it works and the liquidity is deep,” Sethi assessed.

Nonetheless, there are concerns about the timing for a large IPO, as the current bull rally might be running on fumes. If there is indeed a crypto crash, Kraken could postpone this event, avoiding being affected by market momentum.

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