Kraken Acquires Magna as Revenue Hits $2.2B in 2025 and IPO Watch Builds

Weekly Edition & Stock Spotlight

February 18, 2026

PM Insights provides independent, market-driven data for Private Growth and Pre-IPO companies, providing unparalleled transparency and helping asset managers, banks, consultants, investors, and regulators understand trading conditions and risk in this dynamic market.

This report examines Kraken’s position within the global crypto and multi-asset trading landscape, highlighting revenue scale, improving operating leverage, and expanding product breadth across spot, derivatives, equities, and tokenized assets. Supported by growing institutional participation, broader regulatory clarity in key jurisdictions, and a diversified revenue mix spanning trading, asset-based services, and infrastructure offerings, Kraken is evolving beyond a pure crypto exchange.

Continued expansion into regulated derivatives, custody, and multi-asset trading infrastructure positions the company at the convergence of digital assets and traditional markets. With strengthening profitability metrics and preparations for potential public market access, these dynamics reinforce Kraken’s competitive positioning, support margin durability at scale, and expand its long-term opportunity across global trading, tokenization, and institutional digital asset infrastructure.

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Key Takeaways‍

90-Day Stock Performance: Kraken ranked 5th among the ten most active private-market companies and was the only name to post negative returns over the past 90 days
Revenue Growth: Kraken's revenue increased 32.87% year-over-year to $2.20 billion in 2025‍
ROI Momentum: Kraken delivered mixed performance of +7.72%, -7.62%, and -6.17% over the past 180 days, 90 days, and 30 days respectively‍
Peak Bid-Ask Volume: Kraken recorded the highest 90-day bid-ask volume among peers at $431.10M

ROI Private & Public

|| ROI from February 16, 2025 until February 16, 2026.

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_{The PM50 Growth tracks the performance of the 50 most active private names observed in the secondary market. It is an equal-weighted index, rebalanced on a monthly basis.}

_{This rebalancing of constituents over time gives way for more active names to participate in what we observe as "market performance," and in a more appropriate manner than static selections and weightings criteria.}

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Most Active Names Performance Across All Sectors

Data as of February 16, 2026.

90D Return △ - Trend of return on composite price

90D % △ - Change in composite price in terms of percentage

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_{Price (USD) estimated based on secondary market activity observed by PM Insights. Valuation is estimated based on said price and share count from state filings and/or news in the public domain. Note that share count in calculations may change as new filing documents are obtained.}

Stock Spotlight - Kraken

Visit official website

Sectors

Financial DeFi Blockchain

Headquarters

San Francisco, California, USA

CEO

Dave Ripley, Arjun Sethi

“Financial freedom starts here“

Kraken is one of the longest-standing crypto exchanges in operation, founded in 2011 and now serving millions of users across more than 190 countries. What began as an early euro-bitcoin exchange has since grown into a regulated, multi-asset trading venue offering hundreds of digital assets, tokenized securities in Europe, and commission-free access to over 11,000 US-listed stocks and ETFs for eligible American clients, placing Kraken at a credible intersection of crypto-native infrastructure and traditional market access.

The company is navigating a pivotal moment. Rising institutional participation, tightening global regulation, and what Kraken's own 2026 outlook characterizes as a "macro-driven Bitcoin cycle" are collectively reshaping liquidity conditions and risk appetite across digital asset markets. Kraken's leadership has been direct on the volatility question in the past, publicly acknowledging that Bitcoin price swings are an inherent feature of the asset class, not a strategic deterrent. The firm's response is deliberate: doubling down on compliance, institutional-grade custody, and multi-asset infrastructure as core differentiators, while continuing to expand its derivatives and equities offering across both crypto-native and regulated markets.

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Business Model

Kraken’s core business model is built around taking a percentage fee on each trade executed on its platform, with fee tiers based on trading volume and account type, and lower rates for professional and institutional clients.

Over time, the company has diversified its revenue mix so that trading-based fees now sit alongside asset-based and other streams, including custody, staking and yield products, payments, and financing, which scale with assets held on the platform.

Staking services generate recurring revenue as Kraken shares rewards with users and retains a portion as fees, while acquisitions such as NinjaTrader and Small Exchange extend monetization into regulated US futures and retail trading, all running on a unified Payward infrastructure layer that allows new products to launch at low marginal cost.

With average revenue per user of roughly 2,000 dollars annually and additional B2B offerings such as white-label crypto-as-a-service and tokenized equities via xStocks, Kraken is increasingly positioned as a multi-product, infrastructure-led business rather than a pure spot exchange.

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Scale and Growth

Scale & Reach: 9M users across 190+ countries
Assets on Platform: $48.2B in 2025 (vs. $43.5B in 2024; $23.0B in 2023)
Funded Accounts: 5.7M in 2025 (vs. 3.8M in 2024; 3.1M in 2023)
Revenue: $2.2B in 2025 (+33% YoY)
Profitability: $530.6M Adj. EBITDA (24% margin, +26% YoY)
Total Platform Transaction Volume: $2T in 2025 (+34% YoY)

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Competitive Edge

The cryptocurrency exchange landscape spans specialized trading venues and full-service financial ecosystems:

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Specialized Trading Platforms: Focus primarily on core spot and derivatives trading functionality.
Comprehensive Financial Ecosystems: Market leaders have expanded into staking, NFTs, and institutional services beyond traditional trading.
Strategic Evolution: Exchanges increasingly compete on service breadth and ecosystem depth rather than only on trading fees or token listings.
Industry Maturation: The shift toward diversified offerings reflects a more mature market where differentiation is driven by platform capabilities and integrated services.

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Targeted Impact

Kraken empowers global financial freedom by advancing secure, transparent, and accessible cryptocurrency markets for all users.

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What Comes Next?

Kraken is expanding globally with commission-free equities, tokenized stocks, Kraken debit cards and its KRAK app for payments.

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Who will benefit?

Cryptocurrency traders, institutional investors, fintech developers, and privacy advocates seek secure digital asset exchanges.

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Kraken's Timeline

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Bull and Bear Case

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Prominent News

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Prospective Kraken IPO Just Became More Attractive, February 18, 2026- Kraken has taken a meaningful step toward a potential IPO by acquiring the token management platform Magna, a move seen as strengthening its product suite and positioning ahead of a public listing. Click here to read more.

Kraken acquires Magna as crypto deals in 2026 expected to smash $37bn record, February 18, 2026 - Kraken agreed to acquire Magna, a token management platform, in a strategic move to expand its infrastructure and services as it continues to grow and prepare for future growth initiatives. Click here to read more‍

Kraken Dismisses CFO Ahead of Crypto Firm’s Public Listing, February 10, 2026 - Kraken has dismissed its chief financial officer as the crypto exchange moves closer to a potential U.S. public listing, signaling changes in its leadership ahead of the IPO process. Click here to read more.‍

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Revenue

The graph below displays the revenue and revenue growth of Kraken from 2022 to 2026.

Kraken's revenue increased 32.87% year-over-year to $2.20 billion in 2025 with 2026 revenue forecasted at $1.84 billion

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Return on Investment (ROI)

The graph below displays Kraken's ROI over the past 90, 60, and 30 days, computed as of February 16, 2026.

180D: ↑ +7.72% since August 21, 2025
90D: ↓ -7.62% since November 19, 2025‍
30D: ↓ -6.17% since January 18, 2026

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Funding Round in USD

Primary Funding Round: Kraken raised $800 million in Series D on November 21, 2025
Investors: Series D saw participation from Citadel Securities, Drw Venture Capital, Hsg, Jane Street Group, Oppenheimer Alternative Investment Management, and Tribe Capital.
Secondary Market Valuation: $13.32 billion on February 16, 2026, according to PM Insights

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Primary Round Valuation

2025-11-21
$20B

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Secondary Market Valuation

2026-02-16
$13.32B

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Valuation Change

primary → secondary
-33.4%

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Quarterly Bid-to-Ask Volume Ratio

PM Insights presents the quarterly bid-to-ask volume ratio of Kraken from 2021 Q1 to 2026 QTD. The stacked bar chart below shows total quarterly bid and ask volumes alongside their relative ratios, illustrating market activity.

Highest volume: $1.48 billion in 2025 Q3
Lowest volume : $12.50 million in‍ 2023 Q3‍
Largest bid-side activity: 70% of $22.10 million in 2023 Q4‍
Largest ask-side activity: 100% of $65.80 million in 2023 Q2 and 100% of $12.50 million in 2023 Q3

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Volatility of Composite Price

The volatility of the composite price is calculated based on price movements within a 90-day rolling window ending on each respective date. The graph below illustrates the trend in volatility of composite price for Kraken for a one year period from February 17, 2025 until February 16, 2026.

Volatility began at 17.70%, marking the period’s peak, and gradually declined to 16.07% by late April
It then dropped sharply to 7.31% near the end of April before rebounding modestly to 9.11% in early May
Volatility continued to rise steadily, reaching 13.71% in early August
It subsequently trended lower, bottoming at 5.13% in mid-December, before stabilizing at 8.36% as of February 16, 2026

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Kraken's Private Comparables

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PM Insights highlights four private companies, all active as of February 16, 2026, that are close competitors of Kraken. These companies either operate centralized crypto exchanges or provide core blockchain infrastructure across custody, wallets, payments, and protocol development, supporting trading, asset issuance, and institutional digital asset adoption.

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Change in Valuation

PM Insights uses composite prices based on institutional-sized broker contributions within the last 90 days to compute implied valuations. The current implied valuations reported below were computed as of January 19, 2026, and are compared to each company's latest funding round valuation and valuation on December 31, 2025. Blockchain.com and Ledger are missing from the chart because their valuation was unavailable.

Kraken's current implied valuation is $13.32B, a 33.4% decrease from its latest valuation of $20.0B. Kraken's implied valuation was $13.9B on December 31, 2025. Separately, a Republic Europe–facilitated secondary SPV secured a 10% lower entry price at $36 per share versus $40 previously, representing an approximate 12% discount to PM Insights’ composite price of $40.94 as of February 16 and indicating measured softness in private secondary clearing levels.
Ripple's current implied valuation is $25.23B, a 36.93% decrease from its latest valuation of $40.0B. Ripple's implied valuation was $26.3B on December 31, 2025.
ConsenSys's current implied valuation is $2.95B, a 57.87% decrease from its latest valuation of $7.0B. ConsenSys's implied valuation was $2.2B on December 31, 2025.

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90D Bid and Ask Volume Ratio

The stacked bar chart below illustrates the bid and ask volume ratios for the period from November 19, 2025, to February 16, 2026, showing only companies with at least 3 contributions.

Highest volume: Kraken, $431.10 million‍
Lowest volume and Highest ask-side activity: ConsenSys, 100% of $5.70 million
Highest bid-side activity: Ledger, 60% of $216.20 million‍

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Change in Composite Price

The bar chart below illustrates the 90-day change in composite prices for the period from November 19, 2025, to February 16, 2026.

Strongest gain: Consensys' composite price was up 35.19%
Highest decline: Blockchain.com's composite price was down -38.57%
Kraken also posted slight decline, with its composite price decline -7.62%

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YTD Average Volatility of Composite Price

The volatility of the composite price is calculated based on price movements within a 90-day rolling window ending on that date. The bar chart below displays the mean volatility from January 1, 2026 until February 16, 2026.