RIT Capital Partners’ $ 5.3 billion investment trust has acquired a stake in Kraken’s leading cryptobourse.
The holder is a London trust, formerly Rothschild Investment Trust ties into the English Rothschild banking family through President Jacob Rothschild.
In an April 12 investor note, James Glass described the stock exchange as “one of the largest crypt exchanges in the world, founded in 2011. It has more than 6 million clients and is the fourth largest stock exchange by trading volume.”
Glass suggested that the acquisition had one eye on potential direct statement for exchange:
“According to media reports, Kraken is considering publishing a direct list in 2022 after seeing record trading volumes and new clients amid a sharp rise in the price of bitcoins.”
Although the amount of RIT Capital’s investment has not been disclosed, the company seems to be rising in the Krakow due to its success main rival Coinbasereferring to its “quarterly revenue of $ 1.8 billion in Q1 2021” and to the public list on April 14.
Confidence notes the potential of its investments in Krakow as well as growth in the light of talks on a new round of fundraising, which could increase the company’s valuation at reported price range between $ 10 billion and $ 20 billion.
“According to reports, talks have taken place in discussions with companies, including Fidelity, Tribe Capital and General Atlantic.” Kraken CEO Jesse Powell said it was being postponed to assess how Coinbase’s IPO worked. ”
According to the CoinMarketcap cryptoaggregator, Kraken has processed more than $ 2 billion in the last 24 hours, while Coinbase has processed approximately $ 3.9 billion in the same period.
RIT Capital Partners was founded in the early 1960s and has a current market cap more than $ 5 billion. The trust became public on the London Stock Exchange in 1988 and its share price is currently around $ 3,300.
This is not their first crypto business, in December 2020, confidence in the UK backed a $ 142 million investment round on Paypal’s cryptocurrency partner and a stable issuer of Paxos coins.