2-8-2025 – Kraken is pursuing a $100 million funding round ahead of a potential $15 billion initial public offering, as a social media exchange between Ripple’s CTO and users reignited debate over the exchange’s historical stance on XRP trading.
The fundraising discussions come as Kraken revives IPO plans that were previously shelved following Coinbase’s volatile market debut. The company is targeting completion of the funding round by year-end, positioning itself for a public listing that would value the exchange at over $15 billion. Kraken currently processes more than $1.37 billion in daily trading volume across over 1,100 trading pairs, making it one of the world’s largest cryptocurrency exchanges.
The IPO timeline coincides with renewed scrutiny of Kraken cofounder Jesse Powell’s past comments about XRP. During a casual social media poll by Ripple CTO David Schwartz, users revived accusations that Powell harbored negative views toward Ripple’s token. Schwartz defended Powell, arguing his stance was more nuanced than critics suggested. A review of Powell’s historical statements reveals concerns centered on regulatory uncertainty rather than outright hostility, with the executive describing XRP’s legal status as creating “asymmetrical risk” for exchanges.
Powell’s caution proved prescient when Kraken suspended XRP trading for U.S. customers during the SEC lawsuit, a decision he characterized as business-driven rather than personal. He warned that if XRP were classified as a security, exchanges could face liability even when operating in good faith. The exchange has since resumed XRP trading following favorable court rulings for Ripple.
