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Apollo, HSG, Jane Street Join Kraken’s $500 Million Fundraising Round Valued at $15 Billion

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Major financial players Apollo Global Management, Oppenheimer, Jane Street, and HSG — formerly Sequoia Capital China — have invested in crypto exchange Kraken’s September funding round that valued the company at $15 billion, according to two people familiar with the deal.

The $500 million fundraising, first reported by Fortune, marks one of the largest private rounds in the crypto sector this year. Reuters has now confirmed the participation of these heavyweight investors, signaling rising institutional confidence in digital assets amid a friendlier U.S. regulatory climate under President Donald Trump’s administration.

Other participants included Qube Research & Technologies, Kraken’s co-CEO Arjun Sethi, and Tribe Capital, a venture capital firm co-founded by Sethi. The round is seen as a precursor to Kraken’s initial public offering (IPO), expected to be filed confidentially with the U.S. Securities and Exchange Commission (SEC) before year-end, with a potential listing in the first quarter of next year — though the timeline could be affected by the ongoing government shutdown.

The funding highlights the growing institutional embrace of crypto. Kraken, one of the world’s largest cryptocurrency exchanges, has been expanding aggressively through acquisitions: it bought NinjaTrader, a retail futures trading platform, for $1.5 billion in May, and recently acquired Small Exchange from IG Group for $100 million, strengthening its U.S.-based derivatives business.

The move comes amid a wave of crypto IPOs this year from firms like Circle, Gemini, and Bullish, which have capitalized on renewed optimism in the digital asset market.

Institutional enthusiasm has also helped lift crypto prices, with Bitcoin up over 20% this year, reaching a record high above $126,000 in October.

The involvement of Wall Street and Asia’s top investors in Kraken’s latest round underlines a broader shift: crypto is no longer a fringe asset — it’s becoming part of the mainstream financial ecosystem.

BBVA Advises Wealthy Clients to Allocate Up to 7% in Bitcoin, Signaling Growing Institutional Embrace of Crypto

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BBVA, one of Spain’s largest banks, is advising its private banking clients to allocate between 3% and 7% of their portfolios to cryptocurrencies, primarily bitcoin and ether, according to Philippe Meyer, head of digital & blockchain solutions at BBVA Switzerland.

Speaking at the DigiAssets conference in London, Meyer stated the advisory began in September 2023, reflecting a growing confidence in the sector. While many banks passively allow crypto investments, BBVA stands out by actively recommending such allocations — a rare move among mainstream European financial institutions.

“With private customers, since September last year, we started advising on bitcoin,” Meyer said. “The riskier profile, we allow up to 7% of portfolios in crypto.”

Context and Strategy:

  • BBVA started executing crypto trades for private clients in 2021, but this is the first time it has formally advised allocations.

  • The recommendation currently includes bitcoin and ether, with plans to extend coverage to other digital assets later in 2025.

  • Meyer emphasized that even a 3% allocation can boost portfolio performance without exposing clients to excessive risk.

Market Momentum:

Bitcoin hit record highs in May, continuing its recovery from the crypto market collapse in 2022, which saw major platforms like FTX implode. The rebound has been aided by increased institutional interest and a pro-crypto stance from U.S. political figures, including Donald Trump.

Despite these advances, regulatory bodies remain cautious:

  • The European Securities and Markets Authority (ESMA) noted earlier this year that 95% of EU banks still do not engage in crypto activities.

  • Regulators consistently warn investors of crypto’s volatility, reiterating that one should be prepared to lose their entire investment.

BBVA’s approach reflects a nuanced shift in institutional sentiment, especially for wealthy clients seeking diversification amid evolving digital asset landscapes.

Grayscale Launches Dogecoin Investment Fund Amid Rising Altcoin Interest

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Grayscale Investments announced the launch of its Dogecoin-focused investment fund on Friday, aiming to capitalize on the growing interest in altcoins beyond Bitcoin. The Grayscale Dogecoin Trust will provide investors with exposure to the popular cryptocurrency, which the firm says has evolved from a mere “memecoin” to a legitimate financial tool for global transactions.

As investor appetite for alternative digital assets expands, Grayscale sees an opportunity to tap into Dogecoin’s increasing adoption as a means of payment and financial inclusion. Rayhaneh Sharif-Askary, Grayscale’s head of product and research, highlighted Dogecoin’s role in enabling participation in financial systems for underserved communities.

Grayscale, a Connecticut-based crypto asset manager, offers over 25 investment products tied to various digital assets. The new trust, which aims to track Dogecoin’s market price, is available to accredited individual and institutional investors.

Originally created in 2013 as a joke, Dogecoin has gained significant traction, fueled in part by Tesla CEO Elon Musk’s public endorsements. The cryptocurrency now ranks as the eighth-largest digital token, with a market capitalization of approximately $50 billion, according to CoinGecko.

The influence of Dogecoin has also extended into politics, with the Department of Government Efficiency (DOGE), a Musk-led advisory group under the Trump administration, referencing the cryptocurrency in its branding.