Kraken is negotiating a major funding round ahead of a possible initial public offering, Bloomberg reported on September 26.
The crypto exchange platform is seeking a commitment of between $200 million and $300 million from a strategic investor, a move that would value the company at approximately $20 billion.
This news comes on the heels of a recent Fortune report stating that Kraken had already raised $500 million at a valuation of $15 billion.
The company, one of the largest cryptocurrency platforms in the United States, is rapidly expanding and plans to go public in early 2026.
Kraken has hired Morgan Stanley and Goldman Sachs to advise it on the public offering.