← All companies

Kraken

Major US cryptocurrency exchange founded in 2011; 10M+ registered users across 190 countries.

CryptoUnited States·Founded 2011·ISO/NSO equity·kraken.com ↗
Compare ⇄Calculate →
Source-audited Jun 12, 2026
Current estimate
4 methods · Source-audited Jun 12, 2026Medium confidence (50%)
$22.1B
range $18.8B – $25.4B
Implied per-share: $78.8 · vs last primary +10%

No verified public secondary-market signal available for Kraken. The estimate relies on last confirmed financing, peer multiples, sector momentum, and time decay.

Valuation basis:Last primary roundSource-audited Jun 12, 2026
Last primary round
$20B
Pre-IPO raise · 2mo ago
Secondary signal
—
No verified secondary signal

No verified public secondary signal is available. Hiive/Forge links are monitoring links only, not evidence of a current executable price.

Headcount
2,000
employees · LinkedIn-20%

LinkedIn count — directional proxy only. Historical figure sourced via Wayback Machine; treat ±15% as normal variance.

Revenue (est.)
$1.5B
annual run rate · est.

Complete company data

Every input we use, where we got it from, and how much we trust it.

✓

Source verification: PrivatePulse editorial review · manual-source-audit-2026-06

FieldValueConfidence
Company fundamentals
SectorCryptohigh
HeadquartersUnited Stateshigh
Founded2011high
Websitekraken.comhigh
Last primary round
Post-money valuation$20Bhigh
Round namePre-IPO raisehigh
Date2026-05-08 (2 months ago)high
Lead investorCitadel Securities / Jane Street / Tribe Capitalhigh
Amount raised$700Mmedium
Capitalization
Total fully-diluted shares280Mlow
Implied share price (4-method estimate)$79medium
Primary equity type grantedISO/NSOhigh
Financials
Annual revenue (est.)$1,500Mmedium
EV / Revenue (implied)13.3xmedium
Headcount
Employees (now)2,000medium
Employees (12 months ago)2,500medium
12-month headcount growth-20%medium
Methodology inputs
Sector ETF proxyBLKCmedium
ETF annual return (trailing 3-yr)35%medium

Funding history

Primary rounds reported in Bloomberg, WSJ, TechCrunch, Reuters, or SEC Form D filings (efts.sec.gov). Linked per round below.

Valuation progression (equity rounds)
Valuation progression · equity rounds
$20.0Blatest · Pre-IPO raise
Total growth
200×
Our estimate
$22.1B
$0.0B$6.5B$13.0B$19.5B$26.0BSeries ASeries B$10.8BSeries ClatestPre-IPO raiseest.Est.
Primary round
Down round
Our estimate
Pre-IPO raise+85%2026-05-08
$20.0B
Led by Citadel Securities / Jane Street / Tribe Capital · raised $700M
Source: Bloomberg May 2026 ↗
Series C+170%2022-11-01
$10.8B
Led by Tribe Capital · raised $100M
Source: Bloomberg Nov 2022(historical ref.)
Series B+3900%2019-09-25
$4.0B
Led by Tribe Capital · raised $13.5M
Source: Axios Sep 2019(historical ref.)
Series A2014-01-22
$0.1B
Led by Hummingbird Ventures · raised $6M
Source: TechCrunch(historical ref.)

Secondary market signals

Secondary market signals: bid/ask/trade indications from Hiive (hiive.com), Forge Global, Caplight Index, and tender prices reported in the press.

No active listings found

We monitor Hiive, Forge Global, and EquityZen for Kraken listings. As of July 2026, no verified secondary market activity has been recorded.

Secondary listings for private companies appear without announcement and typically close within days. When a listing appears, it often signals an upcoming tender offer or funding round.

Primary round history as valuation signal

In the absence of secondary market data, the funding history below is the primary valuation anchor. Method C (time-decay) uses this data to estimate current value.

Pre-IPO raise · 2026-05$20B
Series C · 2022-11$10.8B
Series B · 2019-09$4B

Get notified when a listing appears

Pro subscribers get notified within 2 hours when a secondary listing for Kraken is detected. Most employees first hear about tender offers days after the market already knows.

Get listing alerts →

Check directly: Hiive ↗ · Forge Global ↗ · SEC Form D ↗

Public peer comparables

Public peer comparables: editorial selection of public companies with the closest business model. EV/Revenue and growth from public 10-Q filings and Bloomberg, refreshed quarterly.

TickerCompanyEV / Revenue
COINCoinbase Global, Inc.6.68x
HOODRobinhood Markets, Inc.22.16x
MSTRStrategy Inc68.47x

Confidence breakdown

How much we trust each of the four valuation methods for this specific company, and why.

Method A — Peer-multiple
weight 25%→ $38.9B66% confidence
Growth-weighted peer EV/Revenue: 32.4x → 20% private-company discount → 25.9x on $1500M revenue
Method B — Secondary-implied
weight 45%suppressed25% confidence
↳ Effectively excluded from the blend — this method is structurally unreliable for this company.
No verified secondary market data available — estimate relies on primary round, peer multiples, and sector momentum.
Method C — Primary time-decay
weight 20%→ $21.3B82% confidence
$20B round (2026-05-08) × 1.07× growth × 0.99× multiple decay over 0.2 years
Method D — Sector momentum
weight 10%→ $21.1B57% confidence
$20B × (1 + 35% p.j.)^0.2yr = $21.1B via BLKC ETF-proxy
Overall confidence
50%
Weighted average of the four methods. Above 60% is high, 35–60% medium, below 35% low.
Medium

Worked example for an employee

A concrete walk-through using a hypothetical employee profile. Same engine the calculator uses — try it with your real numbers.

Profile: a hypothetical employee who joined Kraken 24 months ago (2024-07-10) with 2,000 options, on the standard 4-year vesting schedule with a 1-year cliff.
Vesting
1,000 of 2,000
50% vested at month 24
Implied share price (mid)
$79
weighted average of 4 methods
Gross vested value
$78,833
vested shares × implied price
Net value
$78,833
no strike, gross = net
Tax (rough)
$12,396
US federal only · AMT risk: medium
What if the next round is…
Up round +30%
$89,115
New round at +30% valuation, 15% new shares issued
Down round −30%
$45,986
New round at −30% valuation, 20% new shares (higher dilution in distress)
Secondary today
$67,008
Sale on the secondary market at the typical 15% discount to the mid estimate
These numbers come from the same engine as the live calculator. Walk through with your own grant: use your real numbers →

Transparent assumptions

What we assumed where exact data isn't available. If any of these don't match your situation, the numbers above will be off.

Fully-diluted share count
280M shares
We don't have authoritative cap-table access for private companies. The number above is reconstructed from SEC Form D filings, secondary-market price-vs-valuation math, and leaked share-class summaries. Actual fully-diluted count (including unvested option pool and SAFEs) may differ by 5–15%.
Common-stock waterfall
1.0× to common
We assume a clean common-stock outcome — i.e. preferred-share liquidation preferences and ratchets do not extract value before common. In a down-exit, this assumption can be very wrong: preferred stack can take 30–70% of proceeds.
Private-company illiquidity discount
20% off public peers
Applied to Method A (peer-multiple). Per-company because category leaders with deep secondary markets and a clear IPO path warrant a smaller discount than early-stage names. The literature range is 10–35%; for Kraken we use 20% based on secondary-market depth, valuation history, and proximity to liquidity.
Revenue growth assumption (Method C)
50% YoY
Compounded forward from the last primary date to today to estimate the company's value drift. Set per-company based on disclosed or reported ARR trajectory. Method C is further capped at 1.3× the most recent secondary trade (if any) to stop runaway extrapolation when revenue growth outpaces what the market is actually paying.
Sector ETF momentum (Method D)
BLKC @ 35%/year
Method D applies the trailing return of BLKC as a market-proxy adjustment to the primary valuation. Crude — meant as a tiebreaker when peer and secondary data conflict, not as a primary signal.
Outlier auto-downweight
Methods >50% from median get ½ weight
Robust-statistics safety net: any method whose output strays more than 50% from the median of the other three methods has its confidence weight halved when computing the blended mid-point. Prevents a single bad extrapolation from dragging the headline.
Recency decay for secondary trades
180-day half-life (e⁻ᵈ/¹⁸⁰)
A trade from 30 days ago counts ~5× more than one from 180 days ago. Tunable; some platforms use shorter half-lives.
Tax estimate
US federal only, single filer
Uses 2024 US federal brackets, ignoring state tax, NIIT, AMT credit recovery, and any other deductions. Treat as a directional sanity check, not a tax bill.
All data from public sources. Not investment, tax, or legal advice. Not affiliated with Kraken. Last refreshed manually — see methodology for our update cadence.