Kraken's recent fundraising is quite remarkable. The official word is a valuation of 15 billion, aiming to raise another 500 million. Meanwhile, existing shareholders are transferring shares at a valuation of 14.5 billion among peers. Why are the old institutions in such a hurry? Because the leading player, Coinbase, has seen its market cap drop from 110 billion to 79.8 billion, and they fear that if it goes public next year, it won't be worth that much. I wonder if this counts as smart money fleeing or an early profit-taking.