Kraken considers $1 billion debt raise with Goldman Sachs and JPMorgan ahead of possible IPO: Bloomberg

Crypto exchange Kraken is considering raising $1 billion in debt ahead of a possible initial public offering, according to Bloomberg, which cited anonymous sources.The company is working with Goldman Sachs and JPMorgan Chase and the debt talks are at a "preliminary stage," according to the report.Earlier this month, Kraken said it is considering an IPO as soon as the first quarter of 2026, though the company could still change course. Kraken's plan to possibly go public follows the SEC dropping its case against the firm for alleged securities law violations. Bloomberg was the first to report the news.Kraken has considered going public as far back as 2021. It also explored raising over $100 million in a pre-IPO funding round in mid-2024. Last year, it recorded over $1.5 billion in revenue in 2024. Its U.S. rival, Coinbase, went public in April 2021.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.