Republic Europe unveils retail vehicle for indirect exposure to Kraken equity

Republic Europe has launched a special purpose vehicle (SPV) offering retail investors indirect equity exposure to Kraken, the privately held digital asset exchange.

The firm said the initiative is the first of its kind in the European market, enabling individuals to gain a financial interest in Kraken ahead of its widely reported plans for a public listing.

Kraken, founded in 2011, reported revenue of $1.6bn in 2024, marking a 138 per cent year-on-year increase. Earnings before interest, tax, depreciation and amortisation stood at $421mn. The company is backed by institutional investors including Citadel Securities and Jane Street, and is currently valued at around $20bn.

“With many companies staying private for longer, the most significant wealth creation opportunities do not enable access for the masses,” said Theodora Bishop, Senior Investment Manager at Republic Europe.

“The launch of the Kraken SPV offers a rare opportunity: enabling the community to take an indirect financial interest in a global leader shaping the future of finance.

"This marks a defining moment for Republic Europe, and investors, as we bring private-market quality into the public sphere.”

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Republic Europe said the SPV allows investors to benefit from Kraken’s future performance, though participants will not hold shares directly. The firm has not confirmed whether tokenised ownership will be offered.

A pre-registration period is currently open, with registrants to be notified when the vehicle formally launches.

The Recap

• Republic Europe launched a Kraken SPV for retail investors.
• Kraken reported 1.6 billion in revenue and 421 million EBITDA.
• Pre-registration is open; registrants will be notified on launch.