Kraken Plans $500M Raise Ahead of 2026 IPO

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Good Morning.

Kraken’s gearing up for a $500M raise ahead of a potential IPO, BTCS is making another big ETH bet, and Ethena is leaning into leveraged DeFi. It’s not a full return to 2021 euphoria, but signs point to cautious ambition as firms navigate a more mature, regulation-heavy landscape.

In Today's Email:

• What Matters: Kraken Plans $500M Raise Ahead of 2026 IPO 👀 

• Case Study: Binance’s Token Listing Formats 🔎 

• Governance & Features: Ethena Launches Liquid Leverage on Aave 🚀 

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TOGETHER WITH

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WHAT MATTERS

Kraken Plans $500M Raise Ahead of 2026 IPO

State of play: Crypto exchange Kraken is reportedly raising $500M at a $15B valuation as it gears up for a potential IPO in Q1 2026.

• Co-CEO Arjun Sethi believes the funding round could boost investor confidence after past valuation challenges.

• Kraken’s Q1 2025 revenue rose 19% year-over-year to $472M, driven by increased trading activity.

• The company has expanded internationally and continues to benefit from growing regulatory clarity in the US.

• While Kraken has not officially confirmed the IPO, secondary share activity and previous public comments suggest preparations are in motion.

• Kraken joins a broader trend of crypto firms eyeing public listings, following BitGo’s confidential filing and Circle’s recent successful debut.

Why it matters: Gemini has also filed a confidential S-1, signaling rising momentum in crypto IPOs.

Our take: This suggests growing investor appetite for established crypto infrastructure. While the valuation is ambitious, it reflects broader optimism in crypto's mainstream trajectory

For builders and investors: Treat this as a signal, not certainty. If Kraken successfully pulls this off, it could set a fresh benchmark for late-stage crypto firms.

• With secondary shares already trading and competitors like Circle and BitGo making moves, the window for high-valuation listings may be tightening.

CASE STUDY

Binance’s Token Listing Formats

Ash (@ahboyash) compiled a detailed overview of the growing number of token listing formats on Binance, now totaling ten. His updated table explains each format’s purpose, participation method, BNB requirements, and associated risks.

• Two new additions stand out: Binance Wallet TGE, a fixed-price token sale via PancakeSwap with guaranteed BNB-based allocation, and Binance TGE Launchpad with Four.Meme, using a bonding curve model.

Ash argues how Binance is actively blending centralized and decentralized approaches, bridging Binance Wallet to PancakeSwap and Four.Meme, giving projects more flexibility and users more access.

• From Launchpool to Megadrop, Vote to List, and Pre-Market Trading, Ash’s breakdown offers a clear snapshot of how token launches on Binance are evolving in step with the broader crypto ecosystem.

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INSIGHTS

BTCS Plans $2B Raise for More Ethereum

Ethereum-focused blockchain firm BTCS Inc. has filed to raise up to $2B through multiple common share offerings. The company aims to use the proceeds for crypto acquisitions, working capital, and general corporate purposes.

• BTCS also filed for the resale of over 5M shares tied to convertible notes and warrants, expecting to net around $12M from warrant exercises.

• BTCS currently holds 70,028 ETH, valued at approximately $265.3M, after acquiring 14,240 ETH earlier this week.

• The firm is positioning itself as a hybrid DeFi/TradFi operator, using what it calls an “Accretion Flywheel” to accumulate ETH through staking and block building.

FEATURES & GOVERNANCE UPDATE

Ethena Launches Liquid Leverage on Aave

Ethena Labs has introduced Liquid Leverage, a new strategy now live on Aave, allowing users to deposit 50% sUSDe and 50% USDe to earn stacked rewards. Users can earn a ~12% USDe promotional APY, sUSDe's native yield, and Aave's lending rate.

• To qualify, users must borrow USDC, USDT, or USDS (not USDe), and complete at least one leverage loop using sUSDe and USDe as collateral.

• Aave’s updated e-mode enables higher capital efficiency by accepting both tokens as collateral.

• The integration addresses sUSDe’s prior 7-day unstaking issue, balancing risk by keeping half the position in liquid USDe.

• With ~5x leverage, the strategy can yield around 50% APR. Rewards will be distributed via Merkl, starting in a week and refreshing every 8–12 hours.

• After one month, the USDe promo rate will taper to match Aave's lending rates.

• Ethena also announced a future reduction in USDe reward multipliers to 5x for most money market integrations and yield token loops.

Other notable feature updates:

• DeBank launched DeBank Swap.

• Euler and Brahma launched Swype.

• Circle has launched Gateway on testnet.

• EigenLayer has launched Redistribution on mainnet.

• Jito has launched BAM (Block Assembly Marketplace).

• Resolv is activating a 10% fee on daily protocol profits.

• Lombard has upgraded LBTC into a yield-bearing asset.

• pump.fun launched Creator Fees for Community Takeovers (CTOs).

• CryptoPunks NFTs see highest weekly trading volume since March 2024.

QUICK BITES

• Strategy buys another 21,021 BTC.

• BTCS plans $2B raise to buy more crypto.

• Bank of Korea creates crypto asset division.

• Kraken plans $500M raise ahead of 2026 IPO.

• Nasdaq looks to delist crypto miner Argo Blockchain.

• Ethereum validator exit queue reaches highest point ever.

• SEC weighs BlackRock's bid to add staking to Ethereum ETF.

• 180 Life Sciences set to raise $425M for Ethereum treasury.

• MARA's adjusted EBITDA jumps over 1,000% in record quarter.

• Tether giving additional 5,800 BTC to its treasury firm Twenty One.

NOTEWORTHY READS & MEME

• Can Gurel’s read on Browser Wars Got Personal.

• Surf’s read on How Surf Spotted $PUMP Insider Selling Activity.

• Castle Labs’s read on Ecosystem Analysis of Arbitrum's Positioning in DeFi.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.