Cryptocurrency exchange, Kraken, is planning to raise $500 million in funding, a move that could push its valuation to $15 billion, according to a report published Tuesday.

What Happened: Kraken, America’s second-largest cryptocurrency trading platform, is preparing for a major funding round, tech and business-focused media company The Information reported, citing sources familiar with the matter.

A Kraken spokesperson declined to comment on the report.

The development follows a series of events that have shaped Kraken’s trajectory. In March, reports emerged that the company was planning an initial public offering as early as the first quarter of next year, capitalizing on improved regulatory conditions under the Trump administration. Notably, the SEC dropped a lawsuit against Karen earlier in the month.

Earlier this month, the Justice Department dropped a case against Kraken’s founder, Jesse Powell. Federal prosecutors ended their investigation into Powell, nearly two years after FBI agents raided his home in a case unrelated to his crypto business.

The company’s revenue more than doubled in 2024, reaching $1.5 billion, with adjusted earnings of $380 million.

The cryptocurrency industry saw the bumper debut of Circle Internet Group, Inc. (NYSE:CRCL) on Wall Street in June, with the stock exploding 487% from its IPO price.

CRCL stock exhibited a low value score—a percentile-ranked composite metric that evaluates a stock’s relative worth by comparing its market price to fundamental measures— as of this writing. Check out Benzinga Edge Stock Rankings to see how Coinbase Global Inc. (NASDAQ:COIN) stacks up on this metric.

Photo Courtesy: Piotr Swat on Shutterstock.com

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.