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The Venture Codex

Kraken

237 Kearny Street Suite 102, San Francisco, CA, 94108, United States

Overview

Kraken is a digital asset exchange and related services provider that enables users to buy, sell, trade, stake, and store cryptocurrencies. It offers spot trading, futures, margin trading, indexes, over-the-counter (OTC) execution, and a multi-chain wallet. Kraken supports a large number of cryptocurrencies and fiat currency pairs, and it provides tools for both retail users and institutional clients. It also offers advanced order types, real-time market data, account management services, and resources for learning about blockchain and digital assets.

Total investments
11
Lead investments
1
Investments · 12mo
5
Active investors
9

Sector focus

  • Bitcoin
  • Blockchain
  • Ethereum
  • FinTech
  • Trading Platform
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Investment portfolio

  • Legion

    Participated · Seed · Aug 2026

    Legion builds a fundraising platform that runs compliant token sales and assigns each user a Legion Score derived from their on-chain history. The Legion Score lets projects prioritize participants based on merit and on-chain contribution rather than transaction speed or bots. The company has run token sales in partnership with exchanges including Kraken and Bybit. Notable sales on the platform include Squid, which reached a $2.2M hard cap with over $26M committed, and Solstice Finance, which raised roughly $362K. The team is led by co-founders Fabrizio and Matty, with Evgeniy leading operations. Legion has raised $7M to date across a $2M seed and a $5M extended seed backed by institutional and crypto industry investors.

  • Alpaca

    Participated · Series D · Jan 2026

    Alpaca operates a brokerage infrastructure API that powers fintechs, banks, broker-dealers, wealth managers, algorithmic trading firms, active traders, and crypto-native financial platforms. The company supports over 10 million brokerage accounts across hundreds of fintechs and institutions in more than 40 countries. Alpaca has expanded its regulated footprint through acquisitions, including an IFSCA-regulated broker-dealer and payment service provider in GIFT City and UK/European entities with passporting across the EEA, and has launched global equities access beginning with European equities. It has onboarded major global crypto exchanges and tokenization platforms, reported doubling revenue year-over-year for three consecutive years, and surpassed $1.5 billion in assets under custody for underlying stocks backing tokenized equities. Alpaca plans to use the new financing to accelerate its agent-first brokerage and API-first prime brokerage infrastructure to support tokenized markets and AI-native financial services.

  • Prenetics

    Participated · Equity · Oct 2025

    Prenetics operates at the intersection of health sciences and technology, with its flagship wellness brand IM8 offering consumer health and well-being products. Backed early by David Beckham, the company has quickly scaled: IM8 recorded US$100 million in annual recurring revenue within just 11 months. Prenetics has also adopted a bitcoin-centric treasury strategy, already holding 268.4 BTC valued at roughly US$30.9 million and purchasing one bitcoin per day. Management is targeting US$1 billion in both annual revenue and bitcoin holdings over the next five years. The firm’s recent fundraising strengthens its balance sheet to pursue global expansion of IM8 while accelerating BTC accumulation. Prenetics’ shares trade on Nasdaq under the ticker PRE, and the company is headquartered in Hong Kong.

  • Evernorth

    Participated · Equity · Oct 2025

    Evernorth positions itself as the first regulated, scalable investment vehicle dedicated to XRP. The company systematically purchases XRP on the open market and puts the tokens to work in DeFi lending, liquidity provision and other yield-bearing applications, thereby both amassing a sizable treasury and stimulating on-chain activity. Its model mirrors MicroStrategy’s Bitcoin strategy but adds active ecosystem participation, aiming to serve as an institutional bridge to the XRP asset class. Ripple’s longtime CTO David Schwartz has joined as a strategic adviser, underscoring Evernorth’s deep ties to the broader XRP community. The firm intends to become publicly traded through a merger with Armada Acquisition Corp II (Nasdaq: AACI) and list under the ticker “XRPN.” Backed by more than $1 billion in newly secured capital, Evernorth now has the balance-sheet firepower to execute its market-buying and deployment plan.

  • Berachain

    Participated · Equity · Oct 2025

    Berachain is building a layer-one blockchain whose core innovation, dubbed “Proof of Liquidity,” compensates participants that generate real economic activity within its ecosystem. The network’s native BERA token functions as the fee and reward currency, and the project intends for BERA to accrue revenue derived from applications deployed on the chain. The team is launching an initiative called “BeraStrategy” to position BERA as the primary treasury asset supporting future development and liquidity. A newly appointed Chief Investment Officer, Ben Isenberg, will oversee this treasury program. Financially, the company has just secured a large capital infusion (split between cash and tokens) to seed its treasury, signaling strong institutional interest. Although specific revenue, user, or adoption metrics were not disclosed, the scale and investor profile of the raise highlight expectations for meaningful future growth.

Team