Pump.fun Moves $148M to Kraken, Sparking Treasury Questions

Pump.fun deposited $148M stablecoins to the Kraken exchange. Platform faces scrutiny over $844M total transfers amid lawsuit and transparency concerns.

On January 13, Pump.fun deposited 148.48 million dollars in stablecoins on the Kraken exchange within seven hours. According to Lookonchain on X, this transfer is another significant action of the Solana-based memecoin platform. The USDC and USDT were the stablecoins based on the reserves of the platform.

As of October 15, 2025, Pump.fun has settled 844.8 million dollars in stablecoins to Kraken. According to Lookonchain, 1.35 billion USDC was transferred between Kraken and Circle through wallet DTQK7G during the same time. On-chain data shows that the transactions were related to addresses that Pump.fun operated.

Source: lookonchain 

In mid-2025, the platform collected approximately 500 million dollars during its PUMP token sale. The tokens were privately priced at 0.004 dollars apiece prior to the sales to the public. Both Pump.fun and Kraken have not described the intention of the transfers.

Platform Profits Meet Accountability Pressure

Arkham Intelligence estimates that Pump.fun made 615 million dollars in off-chain profits in Q4 2025. This increase in revenue was accompanied by a fall in the number of tokens on Raydium, which dropped to 2.58 billion dollars in 2024, compared to its high of 2.58 billion dollars in 2024. The year-end trading activity was generated with slowness despite strong performance in the past.

The creator fee structure was flawed, and co-founder Alon Cohen acknowledged it after users were complaining. His reforms established traders and liquidity as the priorities over launch-volume metrics. The Kraken deposits were regular treasury operations to reorganize wallets and operational expenses, said the representatives of the platform.

Legal Battle Adds Urgency to Transparency Debate

A civil case against Pump.fun, alleging racketeering and insider trading, is awaiting a decision in court this month. The case puts pressure on the leaders of this platform to disclose their own allocation of funds. On-chain activity is also monitored by market members to provide insights into the health and intentions of the platform.

The movement of some of the stablecoins out of Kraken to Circle addresses implies potential redemptions or diversification actions. This trend was evident in a number of transactions in Q4 2025. Regardless of an increase in scrutiny of the platform treasury, SOL prices remained constant.

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