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flag Kraken raised $800M, hit $20B valuation, and plans U.S. derivatives platform and 2026 IPO.

flag Kraken has reached a $20 billion valuation after raising $800 million in a dual-tranche funding round, including a $200 million strategic investment from Citadel Securities. flag The round, led by institutional investors like Jane Street and Tribe Capital, reflects growing confidence in crypto amid a more favorable regulatory environment under the new U.S. administration. flag Kraken plans to use the capital to expand into new asset classes, including launching a U.S. derivatives platform after acquiring Small Exchange, and to develop payments products ahead of a potential 2026 IPO. flag The company reported record Q3 revenue of $648 million, more than double the prior year.

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