Crypto exchange Kraken is considering raising $1 billion in debt ahead of a possible initial public offering, according to Bloomberg, which cited anonymous sources.
The company is working with Goldman Sachs and JPMorgan Chase and the debt talks are at a "preliminary stage," according to the report.
Earlier this month, Kraken said it is considering an IPO as soon as the first quarter of 2026, though the company could still change course. Kraken's plan to possibly go public follows the SEC dropping its case against the firm for alleged securities law violations. Bloomberg was the first to report the news.
Kraken has considered going public as far back as 2021. It also explored raising over $100 million in a pre-IPO funding round in mid-2024. Last year, it recorded over $1.5 billion in revenue in 2024. Its U.S. rival, Coinbase, went public in April 2021.
