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Cryptocurrency exchange Kraken is considering a major capital raise ahead of a potential initial public offering (IPO) early next year, Bloomberg reported on March 24.
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Citing anonymous sources, Bloomberg said Kraken is exploring a debt package worth anywhere between $200 million and $1 billion. The exchange is reportedly in preliminary talks with Goldman Sachs and JPMorgan Chase about facilitating the transaction.
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The funds would be used to support Kraken’s growth and not for operational expenses, Bloomberg cited the source as saying.
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Bloomberg has been reporting about Kraken’s IPO ambitions for the better part of a year. Talks of going public have intensified following the election of US President Donald Trump, with Bloomberg reporting that Kraken’s IPO could come in the first quarter of 2026.
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A Kraken representative declined to comment on the potential debt package when contacted by Cointelegraph.
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Kraken is one of the world’s largest crypto exchanges, facilitating more than $1.1 billion in trading volume over the past 24 hours, according to CoinMarketCap data.
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The exchange grew rapidly in 2024, with year-end financial statements showing $1.5 billion in revenue — a gain of 128% from 2023. The company’s adjusted earnings reached $380 million for the year.
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Kraken is expanding its footprint in the derivatives market with the $1.5 billion acquisition of NinjaTrader, a popular brokerage service specializing in futures contracts. The acquisition is part of the exchange’s broader push into multi-asset services, including equities and payments.
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NinjaTrader was founded in 2003 and is registered with the US Commodity Futures Trading Commission.
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The acquisition suggests crypto companies are growing their businesses with confidence following the election of a pro-crypto Republican administration. As Cointelegraph reported, Kraken was one of several crypto exchanges to be freed from enforcement action by the US Securities and Exchange Commission.
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A positive regulatory climate may have contributed to Kraken’s decision to resume crypto staking services for US clients after a nearly two-year hiatus. Clients in 37 states can now access staking services across 17 cryptocurrencies, including Ether ETH and Solana SOL .
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The central bank’s committee had previously identified six possible motivations for issuing a digital shekel, which included creating an alternative payment system and infrastructure, lowering costs, improving privacy and supporting the government’s fight against the “black economy,” among others.
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However, Mahasneh said he believes RWA tokenization will diversify and expand to other industries. “The real potential lies in tokenizing assets like carbon credits or intellectual property and integrating them with blockchain technology,” he added.
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Block paid a $55 million civil penalty and agreed to pay $75 million to $120 million in restitution to affected Cash App customers.
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“When zooming out, we see that net flows have been overwhelmingly positive in the longer term,” he said.
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https://warpcast.com/keccers.eth/0x28792e06
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While retention may be challenging, the AppsFlyer team suggested that crypto app marketers have a good reason to remain committed to their aggressive marketing efforts. The team shared that crypto app installs in the UAE reached nearly 3.5 million in January.
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Rosenfelder added that aggressive marketing efforts drove 60% of the crypto app traffic in 2024. This resulted in challenges to retaining users. The AppsFlyer team said after examining engagement trends on Android devices, that one in five apps was uninstalled within 30 days.
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In the Web3 era, control will define the genuinely decentralized future. Platforms will no longer dictate the terms — users and creators will. Control is the principle that will shape the next evolution of the internet. A decentralized future is on the horizon, and people will not be content with ownership alone. They’ll demand control.
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The market implications for Web3 games that don’t give players enough control or incentives can be severe, and it could be why the GameFi space was one of the worst performers in Q2 2024. Fortunately, the transparent and vocal nature of the decentralized space allows problems to be exposed and fixed quickly; otherwise, platforms will end up being beautiful deserts. Also, the tide can turn fast, and some analysts suggest that 2025 could see Web3 games achieve parabolic growth.
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