Kraken
Kraken is a Bitcoin company in the Exchanges category, founded in 2011 by Jesse Powell, Thanh Luu, Michael Gronager.
The Idea
Powell consulted for Mt. Gox after a 2011 hack and was alarmed by its security flaws. He decided to build an exchange from scratch with security as the foundation. Launched publicly in September 2013.
Early Traction
Kraken was the 'anti-Mt. Gox', security-first, no-nonsense. It was selected as a partner to help facilitate Mt. Gox's bankruptcy proceedings.
Peak Stats
Top 5 exchange globally by volume. $20B valuation as of 2026.
Status Today
Active. Planning an early-2026 IPO. Arjun Sethi (Tribe Capital) joined as co-CEO in October 2024.
Why It Matters
Kraken remains one of the largest Bitcoin exchanges. It ran for a decade on $27M before raising massive rounds. Powell's security focus, born from witnessing Mt. Gox's failures firsthand, proved prescient.