Kraken Co-Founder Jesse Powell Sues San Francisco Apartment Building Co-op Over Alleged Discrimination

The co-founder of leading cryptocurrency exchange Kraken, Jesse Powell, took to X (formerly Twitter) to announce a lawsuit that he has filed against a high-end apartment building's co-op in San Francisco.

Kraken co-founder sues over failed SF apartment bid

The co-founder of cryptocurrency exchange Kraken is suing a high-end San Francisco apartment building’s co-op after his bid to purchase a unit was blocked, allegedly due to his ties to the crypto industry and his political donations.

The plaintiff in the lawsuit, filed on February 5, 2025, in San Francisco Superior Court, is Jesse Powell. The defendant is the board of the 2500 Steiner Street co-op.

The lawsuit accuses the co-op board of discrimination and wrongful denial of housing. According to Powell’s legal team, the co-op refused to approve his purchase of a unit in the building without providing a clear or legitimate reason for its decision.

Powell’s legal team alleges in the legal document that his attempt to purchase the property was blocked because of his ties to the Republican political party and involvement in an FBI investigation over two years ago. Additionally, Powell’s $1 million donation to a presidential campaign could also be a reason for the discriminatory actions of the defendant.

Although Powell himself is not affiliated with any political party, his political donations and outspoken support for certain conservative causes seem to have caused friction with the predominantly left-leaning, Democrat-aligned residents of the 2500 Steiner Street building, which is described in the suit as “a bastion of San Francisco power Democrats.”

In his lawsuit, Powell specifically targets Bruce Golden, a venture capitalist and Accel partner, who is a member of the 2500 Steiner Street co-op board. Powell accuses Golden of leading the charge to block the sale, noting that Golden has made significant financial contributions to Democratic political causes over the years.

The story of Powell’s struggle dates back to September 2023 when the crypto entrepreneur entered into a deal to buy a unit at 2500 Steiner Street, a 12-unit building, subject to approval from the board and co-op members. Interestingly, in order for the purchase to go through, approvals from nine of the building’s 11 non-selling members were needed.

However, Powell alleges that the co-op board worked relentlessly to ensure the sale never reached a vote among the shareholders. Despite providing additional financial information, Powell claims that the board continued to stall and, ultimately, rejected the sale in late November 2023 without giving a clear explanation.