Crypto exchange Kraken has reportedly put its plans for an initial public offering (IPO) on hold, a decision influenced by the recent downturn in the cryptocurrency markets. Two sources familiar with the situation indicated that while the company is still considering going public, it is unlikely to proceed until market conditions improve.
In November, Kraken’s parent company, Payward, had confidentially filed a draft S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) in anticipation of the IPO. This announcement came shortly after Kraken announced a valuation of $20 billion following an $800 million funding round, which included a significant $200 million investment from Citadel Securities. The funding was part of Kraken’s strategic effort to integrate traditional financial markets with blockchain technology.
The current bearish sentiment in the crypto market has raised concerns among other companies about timing their public offerings or seeking new capital. Since October, when Bitcoin reached a record high of over $71,000, the crypto market has faced a decline in asset prices and trading volumes, significantly impacting overall valuations and investor confidence.
While Kraken re-evaluates its approach, other firms in the digital asset sector have managed to navigate these challenges. Last year, a more favorable regulatory environment at the SEC allowed several companies, including Circle Internet and Gemini, to successfully go public. Data from PitchBook indicates that 11 crypto IPOs raised a total of $14.6 billion in 2025, a significant increase from just $310 million in 2024.
Looking ahead, the year 2026 is shaping up to be crucial for the crypto IPO landscape, particularly for infrastructure companies exploring public markets. So far, BitGo stands out as the only digital asset company to have completed a listing, though it has experienced a 44% decline in stock price amid turbulent market conditions.
In contrast, Securitize, a tokenization firm collaborating with BlackRock, remains committed to its IPO plans and aims to launch once it secures SEC approval, expected in the second quarter. Securitize’s CEO, Carlos Domingo, noted that the firm previously raised $225 million through a PIPE as part of a SPAC merger during more favorable market conditions, and there continues to be strong interest in tokenization despite the current market climate.
Industry experts suggest that the upcoming wave of IPO candidates will prioritize compliance maturity, recurring revenue, and operational resilience—qualities that align more closely with traditional public-market expectations. This shift reflects a mature response to the evolving landscape of digital assets.
Additionally, Kraken’s internal dynamics are shifting, with the company having dismissed its Chief Financial Officer, Stephanie Lemmerman, earlier this year, as reported by sources close to the matter.
