Key Takeaways
- Kraken has raised $500 million at a valuation of $15 billion, setting the stage for a potential IPO in 2026.
- Over two days, 15 wallets amassed 406,117 ETH from major exchanges, including Kraken.
- Ethereum co-founder Jeffrey Wilcke also transferred $6 million worth of ETH to Kraken.
Ethereum co-founder Jeffrey Wilcke has moved millions of dollars’ worth of Ethereum onto the Kraken exchange, just as a fresh wave of large-scale “whales” scooped up a staggering $1.6 billion from the exchange and others over the past two days.
The move comes as Kraken completed a $500 million funding round at a $15 billion valuation on Friday, in the lead-up to a planned IPO next year.
Whales Grab $1.6 Billion
While Kraken prepares for its next stage, Ethereum’s largest holders have gone on a buying spree.
In just two days, 15 wallets amassed 406,117 ETH, worth around $1.6 billion, from major exchanges and custodians including Kraken, Galaxy Digital, BitGo, and FalconX, according to on-chain data from LookOnChain.
This marks one of the biggest accumulation waves of the year, reinforcing confidence that wealthy investors are positioning for Ethereum’s long-term growth.
The optimism follows a high-profile move in late August, when an early Bitcoin whale exchanged billions in BTC for ETH.
The legendary Bitcoin whale had received 100,784 BTC seven years ago, worth $642 million then and now $11.4 billion.
Wilcke Cashes Out
Wilcke, one of Ethereum’s original co-founders, transferred 1,500 ETH, roughly $6 million, to Kraken during the same period.
Although the sum is small compared with his historic holdings, Wilcke was granted hundreds of thousands of ETH in the project’s early days; any movement from a co-founder warrants attention.
Some have interpreted the transfer as a routine liquidity event, others as a sign of an insider quietly cashing out after years of building.
“Not the best sign,” one X user wrote.
Another wrote: “End of ETH.”
However, the move has been overshadowed by the sheer velocity of whale accumulation.
Kraken’s $500 Million Raise
The backdrop to these flows is Kraken’s $500 million funding round, which the San Francisco-based exchange completed today at a $15 billion valuation.
According to reports, the firm is aiming for an IPO in 2026.
However, co-CEO Arjun Sethi said the firm was not in any rush.
“I think the way we think about it is that, if it’s in service to our clients to going public, building that trust as a currency, then we’ll think about doing it,” Sethi told Axios.
“So we’ll always be ready for it, but it may not be that we’ll have it on a specific date,” he added.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
