Register for the PWRL Investor Conference Call & Webcast - 09/30/26 1:30 pm PT, 4:30 pm ET
PWRL — Private Tech. Nasdaq Listed.

Financial Technology

Kraken

San Francisco, CAFounded 20112,500+ employeeskraken.com

A profitable, IPO-track crypto exchange handling trillions in volume.

Position

PWRL Position

Fair Value

$37.17M1

Allocation

5.30%2

Cost of Investment

$26.28M3

Gross MOIC

1.41×4

Adj. Revenue

$2.2B5

Adj. EBITDA

$531M5

Funded Accounts

5.7M6

  1. Unaudited fair value of such investments as of June 30, 2026, in accordance with the Fund's valuation policies and procedures.
  2. Allocation is calculated based on the Portfolio Company's fair value as a percentage of the Fund's net assets as of June 30, 2026.
  3. Cost basis includes investment cost and transaction expenses and excludes fund-level management fees and operating expenses.
  4. Gross MOIC is calculated as the fair value of the Fund’s position divided by its cost basis as of June 30, 2026 (unaudited). Gross MOIC is a single-position, gross-of-fees measure and is not comparable to the Fund’s net NAV/share return, which reflects all fund-level fees and expenses, realized positions, and cash. Past performance does not guarantee future results.
  5. Kraken Blog, '2025 Full-Year Financial Highlights,' Feb. 3, 2026.
  6. Finance Magnates / TradingView, 'Kraken IPO Slides Toward 2027,' May 18, 2026.

Why it sits in PWRL.

Kraken runs a major crypto trading platform handling trillions of dollars in volume each year. With a profitable business and an IPO on the horizon, it's one of crypto's most investable franchises.

  1. Company operating data is sourced from internal investment memoranda and may include estimates and forward-looking information.

More Financial Technology in PWRL

Visit Kraken →Back to portfolio

Frequently Asked Questions

We want to bring as much transparency as possible to accessing private market investing. If you're not finding the answers you're looking for, contact us at Info@PWRL.com.

Powerlaw Corp. (Nasdaq: PWRL) is a listed closed-end fund registered under the Investment Company Act of 1940, offering exposure to leading private technology companies through a single Nasdaq-listed security. It provides daily liquidity, monthly NAV reporting and quarterly portfolio disclosure.

PWRL includes exposure to SpaceX, OpenAI, Kalshi, Databricks, Stripe, Shield AI, Deel, Kraken, Vast Data, Tether, Colossal Biosciences, Mercor, Perplexity, Canva, Rippling, Saronic, Figma and Waymo, all in one Nasdaq-listed stock, as of June 30, 2026. Portfolio holdings are disclosed quarterly, while NAV is reported monthly.

Powerlaw Corp. (Nasdaq: PWRL) is the first product of Powerlaw Capital Group and advised by Powerlaw Fund Adviser, LLC. The firm is backed by Akkadian Ventures' 16-year heritage in private-company secondary markets.

Portfolio holdings are carried at fair value, determined under the Fund's valuation policies with input from independent valuation sources. Inputs include recent primary financings, secondary market transactions and comparable-company multiples.

In an IPO, the Fund's position converts to listed equity, generally subject to a customary lock-up. In a sale, the Fund receives cash, stock, or a mix of consideration. Proceeds are reflected in NAV and may be available for reinvestment or distributions.

No. Shareholders own PWRL; the Fund owns the underlying private positions. Buying PWRL provides economic exposure to the portfolio through a single security listed on NASDAQ.

Powerlaw Corp. publishes monthly NAV and NAV per share, with quarterly portfolio disclosures. All filings are available on PWRL.com and through the SEC's EDGAR system.

Investing in PWRL involves a number of significant risks. Before you invest in PWRL, you should be aware of various risks associated with the investment, including those described in our prospectus. The prospectus contains this and other information about the Fund and is available free of charge at www.PWRL.com. You should carefully consider these risk factors, together with all of the other information included in the prospectus, before you decide whether to make an investment in PWRL.