Kraken's parent Payward closed a $100 million Series E round from Nasdaq Ventures in September 2026 at a $21 billion post-money valuation, following an $800 million Series D at $20 billion in November 2025. Secondary-market marks have since traded lower, with some platforms indicating implied values near $11 billion as of mid-October amid broader crypto exchange multiple compression. Revenue, estimated at roughly $2.2 billion for 2025, remains sensitive to spot and derivatives trading volumes, which have fluctuated with Bitcoin price action and overall risk appetite. The company has delayed its IPO to at least Q2 2027, removing near-term listing catalysts. With the October 31 resolution window only weeks away, any additional primary or secondary financing, regulatory approvals, or sharp shifts in crypto market capitalization could move the market-implied probability of hitting the target threshold.