Republic Europe Launches Kraken SPV Ahead of Reported $20B IPO
What Is Republic Europe Launching?
Republic Europe has announced the launch of a special purpose vehicle designed to give retail investors in Europe indirect exposure to Kraken, the privately held US-based crypto platform. The vehicle, branded as the Kraken SPV, allows individuals to participate in Kraken’s equity story without the company being publicly listed.
The product is being positioned as a rare private-market entry point for non-institutional investors. According to Republic Europe, the structure gives participants an indirect equity interest rather than direct shares, reflecting how private company exposure is typically offered outside public markets.
The launch comes as Kraken moves closer to a long-anticipated public listing. The platform has been widely reported to be preparing for an IPO later than reaching a valuation of around $20 billion, making it one of the largest private companies in the crypto sector.
Investor Takeaway
Why Kraken, and Why Now?
Kraken has taken several steps in recent months that have reinforced expectations of a public-market debut. In November, the platform confidentially filed for a US IPO following its latest valuation milestone. In December, it acquired tokenization firm Backed Finance, a deal widely interpreted as part of broader pre-IPO preparations. More recently, Kraken disclosed ties to a .
These developments have placed Kraken firmly in the category of late-stage private companies that attract investor interest well before shares become publicly tradable. For retail investors, however, access to such companies has traditionally been limited or unavailable altogether.
Republic Europe is viewking to address that gap by packaging exposure through an SPV, a structure commonly used by institutional investors to pool capital and hold private equity stakes. The firm described the offering as a way to open private-market access without requiring investors to meet institutional thresholds.
How the Kraken SPV Is Structured
Under the SPV model, investors do not purchase Kraken shares directly. Instead, they acquire an interest in a vehicle that holds exposure to Kraken’s equity. This approach allows Republic Europe to manage custody, legal structure, and reporting while investors gain economic exposure to Kraken’s future performance.
The firm said the vehicle is open to retail participants in Europe, marking a departure from the typical private-market framework that favors venture funds, family offices, and large institutions. Investors who register interest will be notified when the SPV formally opens for investment.
Republic Europe has not confirmed whether interests in the SPV will eventually be tokenized, an option increasingly explored by platforms experimenting with blockchain-based ownership and secondary trading. For now, the product remains a traditional private-market structure with limited liquidity.
Investor Takeaway
Republic’s Broader Push Into Private Markets
The Kraken SPV forms part of Republic Europe’s wider effort to broaden access to late-stage private companies that remain unlisted for longer periods. Commenting on the launch, Theodora Bishop, senior investment manager at Republic Europe, said: “With many companies staying private for longer, the most significant do not enable access for the masses.”
Bishop added that the Kraken SPV is intended to bring “private-market quality into the public sphere,” reflecting Republic’s strategy of targeting well-known, mature private companies rather than ahead-stage beginups.
According to figures cited by Republic Europe, Kraken reported more than 13 million users globally and generated $1.6 billion in revenue in 2024, a 138% increase from the previous year. The platform also posted EBITDA of $421 million and has received strategic backing from firms including Citadel Securities and Jane Street.
What This Means for Retail Crypto Investors
For retail investors, the Kraken SPV represents both an opportunity and a trade-off. On one hand, it offers exposure to a that has yet to list publicly, at a time when interest in late-stage private assets is growing. On the other, the structure limits liquidity and control compared with publicly traded shares.
The product also highlights a broader trend in , where platforms are viewking to blur the line between public and private access. As crypto firms mature and delay listings, demand for interim exposure vehicles is rising.
Whether similar SPVs become common will depend on investor appetite, regulatory treatment, and how Kraken’s own listing plans unfold. For now, Republic Europe’s move stands out as an ahead attempt to bring a high-profile private crypto company within reach of retail investors before it reaches the public markets.
