Who is Jesse Powell?

​Jesse Powell, born in 1979 in Sacramento, California, is best known for co-founding the digital asset exchange, Kraken, and being a professional Magic: The Gathering player. He attended California State University, Sacramento, where he studied philosophy with a focus on ethics and law. ​

In 2001, Powell founded Lewt, Inc., facilitating virtual asset trading for online gamers. This venture showcased his early recognition of the value of virtual assets and digital economies. He also launched the Verge Center for the Arts in 2008, a contemporary art space in Sacramento. 

Jesse began mining Bitcoin and engaging with the emerging crypto community in 2011. His firsthand experience with the vulnerabilities of early exchanges, notably as a consultant during the Mt. Gox security breach, motivated him to create Kraken in 2011, which was officially launched in 2013. ​

In September 2022, Jesse stepped down as CEO of Kraken, transitioning to the role of chairman of the board. In 2023, the FBI searched his home regarding cyberstalking allegations involving the Verge Center. As of now, no charges have been filed against him in connection with this investigation.

Jesse Powell Net Worth in 2025

As of 2025, Jesse Powell’s net worth is estimated between $1 billion and $1.5 billion, primarily due to his equity stake in Kraken, which reached a $10 - $20 billion valuation in 2022. He also benefited from early investments in Bitcoin. 

However, he has not appeared on official wealth rankings like Forbes or Bloomberg, and cryptocurrency valuations remain highly volatile, making his net worth subject to market fluctuations.

Jesse Powell's Investment Portfolio

Jesse Powell maintains a focused and strategic investment portfolio. Known primarily for his entrepreneurial work with Kraken, he also actively engages in angel investing, placing personal capital into companies poised for growth within the fintech and software sectors.

Powell’s portfolio notably includes two significant investments:

• Ripple: He participated in Ripple's early seed funding round, demonstrating foresight in the fintech landscape. Ripple specializes in financial software and payment technology geared toward international money transfers and blockchain solutions.
• Rehive: Powell also invested in Rehive, a firm dedicated to developing customizable fintech and software solutions. Rehive's platform provides businesses with the tools to build their own financial applications efficiently.

Additionally, in 2024, Jesse made a political contribution of $1 million, primarily in Ethereum, to President Donald Trump's campaign. This donation was motivated by his view of Trump as a pro-cryptocurrency candidate.

Why Did Jesse Powell Leave Kraken?

In September 2022, Jesse Powell stepped down as Kraken's CEO after more than a decade to focus on product development and crypto advocacy. Jesse expressed that as Kraken expanded, the demands of the CEO position became draining and less enjoyable for him.

Before leaving, Powell introduced a "culture document" and offered severance to employees who disagreed, prompting some departures. Jesse continues to serve as Kraken's chairman and supports his successor, Dave Ripley, whose vision matches his own for driving crypto adoption.

FBI Investigation into Jesse Powell

​In March 2023, the Federal Bureau of Investigation (FBI) conducted a search of Jesse Powell's residence in Los Angeles as part of an investigation into allegations of hacking and cyberstalking involving the Verge Center for the Arts, a nonprofit organization he founded in 2007.

The Verge Center for the Arts removed Jesse from its board of directors in 2022, citing violations of the organization's guiding principles. Following his removal, he allegedly obstructed the nonprofit's access to its email accounts and internal messaging systems and improperly accessed confidential information.

As of now, Jesse Powell has not been formally charged with any crimes. The FBI's investigation is ongoing, focusing on the claims brought forward by the Verge Center for the Arts. 

Final Thoughts

Jesse Powell's trajectory in the cryptocurrency industry exemplifies the potential for substantial success through innovation and strategic foresight. With an estimated net worth ranging from $1 billion to $1.5 billion, primarily derived from his significant stake in Kraken, his financial achievements highlight the lucrative opportunities within the digital asset space.