Cryptocurrency exchange Kraken announced plans to go public four months ago but has now shelved its plans, according to two people familiar with the matter.
The company is still considering an initial public offering but may not proceed until market conditions improve, people familiar with the matter said. The person spoke on condition of anonymity because the matter is private.
A Kraken spokesperson said: “As we announced in November, we have confidentially filed documents with the SEC, and that’s all we can really share.”
Cryptocurrency market downturn since October, Bitcoin Companies are more cautious about going public or raising new capital as falling asset prices and weak trading volumes weigh on valuations and investor sentiment, which hit record highs.
Kraken parent company Payward said it has confidentially filed a draft S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) in connection with an initial public offering of common stock on November 19.
That day, Kraken said it raised $800 million in new funding at a valuation of $20 billion, including a $200 million investment from Citadel Securities, to support its efforts to bring traditional financial markets to blockchain infrastructure.
Last year, the SEC’s more favorable environment helped several large companies successfully go public, including Circle Internet (CRCL), CoinDesk parent Bullish (BLSH) and Gemini Space Station (GEMI). PitchBook data shows that at least 11 cryptocurrency IPOs will raise funds totaling $14.6 billion in 2025, a significant increase from $310 million in 2024.
Cryptocurrency IPOs will be a key test for the industry in 2026, with more infrastructure companies planning to go public. However, cryptocurrency custodian BitGo, the only digital asset company to go public so far, has seen its shares plunge 44%, in part due to market dislocation.
Unlike Kraken, tokenization company Securitize, which works closely with asset management giant BlackRock (BLK), said it still plans to go public. The company plans to conduct an initial public offering (IPO) as soon as it receives approval from the U.S. Securities and Exchange Commission, possibly in the second quarter.
Securitize founder and CEO Carlos Domingo told CoinDesk: “We have raised $225 million through a PIPE as part of a SPAC merger when market conditions were better, and interest in tokenization remains strong despite poor market conditions.”
White & Case partner Laura Katherine Mann said that if 2025 is defined by digital asset Treasury (DAT)-related listings, then 2026 will be a year centered on financial infrastructure.
She told CoinDesk in an interview that the next wave of IPO candidates are likely to emphasize compliance maturity, recurring revenue and operational resiliency, qualities more consistent with traditional public market expectations.
Read more: As crypto “pipelines” become Wall Street’s new darling, crypto custody company Copper is in early IPO talks
