Kraken Get $20B Valuation Before IPO Wit Wall Street Backing

Kraken dey talk to raise extra $200–300 million for pre-IPO funding round, dem dey target $20 billion valuation before e planned IPO for 2026. Dis one follow $500 million private raise wey happen nine months ago wey put the US crypto exchange value for $15 billion. Morgan Stanley and Goldman Sachs dey advise Kraken for im S-1 registration with US Securities and Exchange Commission. Kraken report say for Q2 e get revenue of $411 million and EBITDA of $80 million, e dey rely on cash flow no be aggressive burn. The exchange don expand wetin e dey offer with the $1.5 billion NinjaTrader acquisition last year and e dey test on-chain tokenization of Apple and Tesla shares. E don also start stock and ETF trading. Dis move happen as more crypto IPOs dey come — like Circle’s USDC, Figure, Bullish and Gemini — wey pro-crypto US regulatory policies dey push. As dem dey report, the total crypto market cap na $3.73 trillion, e don rise by 1.1% within 24 hours.