Kraken Delays IPO

Kraken, a major cryptocurrency exchange that had been planning to go public just a few months ago, has decided to delay its IPO. The company has not abandoned the idea entirely, but will revisit it once market conditions improve. A spokesperson confirmed that confidential documents were submitted to the U.S. Securities and Exchange Commission (SEC) in November, but no further details have been disclosed.

The decision comes amid a downturn in the cryptocurrency market. After Bitcoin reached record highs in October, prices began to fall and trading activity noticeably slowed. In such an environment, companies tend to take a more cautious approach to raising capital, often postponing public listings.

Kraken’s parent company, Payward, filed its draft IPO documents on November 19. Just a day earlier, the company announced a valuation of $20 billion following an $800 million funding round, which included $200 million from Citadel Securities. The funds were intended to support the development of blockchain-based solutions within traditional finance.

Market conditions were significantly more favorable last year. Several major companies from the crypto sector successfully went public, and in total, 11 cryptocurrency IPOs raised $14.6 billion in 2025, compared to just $310 million the year before.

At present, however, the market has become more challenging. A clear example is BitGo, the only company from the sector to go public this year, whose shares have already dropped by 44%.

Experts suggest that 2026 could be a crucial test for the industry. New companies will need to demonstrate business stability, consistent revenue streams, and regulatory compliance—qualities that investors in traditional markets increasingly expect.