Portco highlight: Kraken

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Republic Capital made an investment in Kraken in Q2 2021

In portfolio since	Q2 2021
invested amount	$10,000,035
Note eligibility	25% of corporate Carry

Kraken is preparing for a significant milestone, exploring a capital raise of up to $1 billion ahead of a potential initial public offering (IPO) in early 2026. Partnering with Goldman Sachs and JPMorgan Chase, the company is positioning itself for market expansion.

Founded in 2011, Kraken has evolved from a cryptocurrency exchange to a comprehensive financial platform. In 2024, the company generated $1.5 billion in revenue - a 128% year-over-year increase.

In March 2025, Kraken made a strategic acquisition of NinjaTrader for $1.5 billion. This acquisition expanded the platform's futures trading capabilities, providing traders access to both crypto and traditional markets through a CFTC-registered license that opens new regulatory pathways.

The potential IPO follows a shift toward a more favorable regulatory landscape, with Kraken well-positioned to capitalize on opportunities in the cryptocurrency and derivatives markets.

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