The cryptocurrency exchange Kraken has put its IPO plans on hold four months after announcing them. The decision is attributed to challenging market conditions, reports CoinDesk, citing informed sources.
According to these sources, the platform is still considering a public offering, but not until the sector stabilizes.
A Kraken representative declined to comment, citing the confidentiality of the process. However, they confirmed that the platform has submitted a confidential filing to the SEC. The IPO was expected to take place in the first quarter of 2026.
In September 2025, as part of its preparations to go public, Kraken raised $500 million. Following the round, its valuation reached $15 billion. In November, the project secured an additional $800 million, bringing its capitalization to over $20 billion.
The majority of the $600 million was provided by institutional players, including Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management, Tribe Capital, and the family office of Kraken co-founder Arjun Sethi.
The exchange also entered into an additional strategic investment agreement of $200 million with Citadel Securities.
The End of the IPO Boom?
Last year was a record for cryptocurrency IPOs. According to PitchBook, companies conducted 11 offerings totaling $14.6 billion, compared to $310 million the previous year.
Amid a more favorable regulatory environment under the administration of U.S. President Donald Trump, Circle, Bullish, and Gemini went public. All showed strong growth at the start of trading, but after the October crash, their shares suffered losses.
“Most crypto firms are tightly linked to cryptocurrency prices and demand, which is generally dictated by the same price,” explained Morningstar analyst Michael Miller.
At the time of writing, Bitcoin is trading around $71,200—more than 43% below the all-time high of $126,000 reached in October.
The year 2026 is shaping up somewhat differently. So far, the only completed listing among crypto companies has been the BitGo stock offering. However, the event resulted in a 20% drop in shares amid volatility.
Despite the losses, industry experts remain optimistic about the prospects for new IPOs. According to Akliy Ibs, head of corporate development at Coinbase, “institutionally robust companies with real scale and fundamental metrics” will be going public this year.
The tokenization platform Securitize, which works closely with BlackRock, has already confirmed plans to go public in the second quarter.
In November, Ripple’s fintech company president Monica Long denied reports of plans to conduct an IPO.
