On May 27, 2026, Kraken activated Kraken Prop, becoming the first major crypto exchange to integrate a retail, evaluation-based proprietary-trading program directly into its platform. The product allows traders to pass a paid skills test, receive up to $200,000 in funded capital, and retain up to 90% of profits without risking personal funds. This launch is the consumer-facing output of Kraken's September 2025 acquisition of Breakout, a crypto-native prop firm. Kraken Prop runs inside Kraken Pro, supported by roughly $2 billion in infrastructure investments through 2025-2026 M&A. The program charges evaluation fees from $20 (refundable on first withdrawal) and offers accounts ranging from $5,000 to $200,000 across six tiers, with leverage up to 5x. Unlike most prop firms, it imposes no time limits, consistency rules, profit caps, or strategy restrictions. The move aligns with Kraken's broader strategy to build an 'any asset, anytime' trading platform ahead of a public listing. Kraken raised $800 million at a $20 billion valuation in November 2025 and confidentially filed for an IPO. The company posted $1.5 billion in 2024 revenue and guided toward $2.5 billion for 2025. The acquisition spree includes NinjaTrader ($1.5B), Bitnomial ($550M), and other deals. Breakout, founded in 2023, had issued over 20,000 funded accounts. Its leadership includes experienced entrepreneurs and traders: Alex Miningham (co-founder/CEO), Dylan Loomer (co-founder), CryptoCred (strategy lead), and Adam (head of trading). The program uses an A-book model, routing trades directly to market.

Key facts

• Kraken Prop launched May 27, 2026, as first major exchange retail prop trading program.
• Traders pay evaluation fee ($20+), get up to $200K capital, keep 80-90% profits.
• No time limits, consistency rules, or profit caps; leverage up to 5x.
• Built from September 2025 acquisition of Breakout; runs inside Kraken Pro.
• Backed by $2B infrastructure investment; aligns with Kraken's IPO strategy.

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