Kraken Eyes $1B Debt, North Korea Leads Bitcoin, Garantex Rebrands

Kraken Explores $1 Billion Debt Raise Ahead of IPO

Cryptocurrency exchange Kraken is reportedly exploring a significant capital raise of up to $1 billion in debt ahead of a potential initial public offering (IPO) in early 2026, according to Bloomberg. The company is in preliminary discussions with Goldman Sachs and JPMorgan Chase to facilitate the transaction. The funds are intended to support Kraken's growth initiatives rather than operational expenses.

In 2024, Kraken reported $1.5 billion in revenue, marking a 128% increase from the previous year, with adjusted earnings of $380 million. The exchange also facilitated $665 billion in cumulative trading volumes. Additionally, Kraken recently acquired NinjaTrader, a brokerage specializing in futures contracts, for $1.5 billion. This acquisition is part of Kraken's strategy to expand into multi-asset services, including equities and payments.

“Kraken’s year-end financial statements show significant growth in revenue, funded accounts, and assets,” Cointelegraph reported.

Kraken's expansion into derivatives and its resumption of crypto staking services in the U.S. highlight its confidence in a favorable regulatory environment. The exchange now offers staking services across 17 cryptocurrencies, including Ether (ETH) and Solana (SOL), to clients in 37 states.

Year	Revenue	Adjusted Earnings	Trading Volume
2024	$1.5 billion	$380 million	$665 billion

Key Takeaway: Kraken is positioning itself for growth with a $1 billion debt raise and strategic acquisitions, signaling its readiness for an IPO in 2026.

Garantex Rebrands as Grinex Following Shutdown

Swiss blockchain analytics firm Global Ledger has revealed that the sanctioned Russian crypto exchange Garantex has rebranded as Grinex. This comes less than two weeks after Garantex was dismantled by international law enforcement. On-chain and off-chain data indicate a direct connection between the two exchanges, with liquidity, including ruble-backed stablecoins, being transferred to Grinex-controlled wallets.

Grinex has reportedly achieved $40 million in trading volume within two weeks of its launch. Social media ties and similarities in user interfaces further suggest that Grinex is a successor to Garantex. However, other blockchain analytics firms, such as TRM Labs and Chainalysis, have yet to confirm these findings.

“Sanctions evasion is going to happen,” said Andrew Fierman, Head of National Security Intelligence at Chainalysis. “The unique aspect to the blockchain is that it’s transparent and immutable, allowing law enforcement to monitor post-shutdown activities.”

Garantex was previously sanctioned for facilitating money laundering for ransomware gangs and darknet markets. Its operators face charges of money laundering conspiracy, with one individual already arrested and awaiting extradition to the U.S.

Key Takeaway: The rapid rebranding of Garantex as Grinex highlights the challenges of enforcing sanctions in the crypto space.

North Korea Becomes Third-Largest Bitcoin Holder

North Korea now holds 13,562 Bitcoin, valued at approximately $1.14 billion, making it the third-largest state Bitcoin holder after the U.S. and the U.K., according to Arkham Intelligence. This increase follows a $1.5 billion cyberattack on Bybit, reportedly carried out by the Lazarus Group. The heist is considered the largest cryptocurrency theft ever recorded.

Bybit has launched a $140 million "LazarusBounty" program, offering a 10% reward for recovered assets. As of March 10, only $40 million has been recovered. The Lazarus Group has been linked to multiple major crypto thefts, including $1.34 billion worth of assets stolen in 2023, accounting for 61% of all crypto thefts that year.