Kraken finalized a $500 million self-led funding round, its largest to date, securing a valuation of $15 billion. The round, which concluded in September 2025, included participation from VCs and investment firms, as well as Tribe Capital. Arjun Sethi, Tribe Capital CEO and Kraken co-CEO, contributed personally, further aligning his leadership with the exchange’s future direction. Kraken structured the round independently, without designating a lead investor, maintaining control over the terms and valuation.