TL;DR
- Republic Europe launched an investment vehicle offering retail investors indirect equity exposure to Kraken.
- This SPV allows access to the private crypto exchange ahead of its planned IPO.
- Kraken reported $1.6B in revenue for 2024, a 138% year-over-year increase.
Republic Europe, the European Union division of the investment platform, announced the launch of a new product that will allow retail investors to gain indirect exposure to Kraken. The firm describes the offering as the first private-market vehicle of its kind for individual investors in Europe.
The London-based private market platform indicated that the Kraken special purpose vehicle (SPV) will provide investors with an indirect equity interest in the U.S.-based cryptocurrency exchange. Kraken remains privately held but has been widely reported to be preparing for an eventual initial public offering.
In November, Kraken confidentially filed for a U.S. IPO following its latest valuation of approximately $20 billion. The company subsequently announced the acquisition of tokenization firm Backed Finance in December, a deal framed as part of its pre-IPO strategy, and more recently disclosed links to a SPAC vehicle targeting a Nasdaq listing.
Democratizing Access to Private Market Opportunities
“With many companies staying private for longer, the most significant wealth creation opportunities do not enable access for the masses,” Bishop observed. The Kraken SPV aims to bring “private-market quality into the public sphere.“
Bishop indicated that Kraken has grown into one of the world’s largest digital asset trading platforms, reporting more than 13 million users globally, since its 2011 launch. According to figures cited by Republic Europe, Kraken generated $1.6 billion in revenue in 2024, representing a 138% year-over-year increase, and posted EBITDA of $421 million.
The exchange has also received backing from firms including Citadel Securities and Jane Street. The participation of traditional financial institutions signals growing acceptance of crypto platforms in the conventional financial sector.
Investors participating in the SPV will hold an indirect interest in Kraken’s equity and may benefit from the company’s future performance, according to the announcement. The firm has not confirmed whether investors will be able to tokenize their SPV holdings, an area of growing interest as financial firms explore blockchain-based ownership structures.
Investors who join the waitlist will be notified when the vehicle formally opens for investment. Republic Europe did not specify the minimum investment amount required nor the exact launch date for the product.
The SPV represents a novel approach to enabling retail investors to access opportunities typically reserved for venture capital and accredited investors. Technology companies remain private for longer periods than in previous decades, accumulating multibillion-dollar valuations before any public offering.
Kraken operates as one of the oldest and most established exchanges in the crypto industry. The platform offers spot and derivatives trading, custody services, and staking products for institutional and retail clients.
The company faces a complex regulatory environment across multiple jurisdictions. U.S. authorities have intensified scrutiny on crypto exchanges, though Kraken has maintained relatively stable operations compared to some competitors.
Republic Europe positions the product as part of a broader trend toward democratizing investment access. The platform has previously facilitated investments in startups and private companies for non-accredited investors in Europe.
