TLDR
- Kraken has paused its IPO plans, originally filed confidentially with the SEC in November 2025
- The delay is driven by falling crypto prices and weaker trading volumes since Bitcoin’s October peak
- Kraken raised $800 million at a $20 billion valuation just before filing, including $200 million from Citadel Securities
- In 2025, crypto IPOs raised $14.6 billion collectively — but 2026 has started slowly, with BitGo’s stock down 44% since listing
- Tokenization firm Securitize, backed by BlackRock, says it still plans to go public as soon as it gets SEC approval
Crypto exchange Kraken has put its initial public offering on hold. The company filed confidentially with the SEC in November 2025 but is now waiting for market conditions to improve before moving forward.
Kraken’s parent company, Payward, filed a draft S-1 registration statement with the U.S. Securities and Exchange Commission on November 19, 2025. That filing came one day after Kraken announced it had raised $800 million in new funding at a $20 billion valuation.
The funding round included a $200 million investment from Citadel Securities. The money was meant to support Kraken’s push to bring traditional financial markets onto blockchain infrastructure.
A Kraken spokesperson confirmed the confidential filing but declined to share further details.
Kraken also dismissed its chief financial officer, Stephanie Lemmerman, earlier this year, according to sources familiar with the matter.
The IPO pause follows a broad decline in crypto markets. Bitcoin reached a record high in October 2025, but prices have fallen steadily since then. Weaker trading volumes have added pressure, making companies more cautious about going public.
What Happened to Crypto IPOs in 2025
Last year was a strong year for crypto companies going public. Circle Internet, Bullish, and Gemini Space Station all listed successfully. According to PitchBook, at least 11 crypto IPOs raised a combined $14.6 billion in 2025. That was a sharp jump from just $310 million raised through crypto IPOs in 2024.
The favorable regulatory environment at the SEC played a role in that wave. But conditions in 2026 have been harder.
So far this year, crypto custodian BitGo is the only digital asset company to have listed. Its stock has dropped 44% since going public, partly due to rough market conditions.
Who Is Still Moving Forward
Not every company has paused its plans. Securitize, a tokenization firm that works closely with BlackRock, says it still intends to go public.
Securitize founder and CEO Carlos Domingo said the company raised $225 million through a PIPE as part of a SPAC merger when conditions were better. He added that interest in tokenization remains strong.
Securitize is waiting for SEC approval and expects to list in the second quarter of 2026.
White & Case partner Laura Katherine Mann told CoinDesk that this year’s IPO candidates are likely to focus on compliance, recurring revenue, and operational resilience — qualities that align with what public market investors typically want.
BitGo’s stock is currently down 44% from its listing price.
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