Crypto exchange Kraken has put its multibillion-dollar IPO plan on hold, according to two people familiar with the matter. The company still appears open to going public, but likely not until market conditions improve.
A Kraken spokesperson did not confirm the pause directly and said only that the company had already disclosed in November that it confidentially filed with the U.S. Securities and Exchange Commission, adding that there was little else it could share.
Confidential SEC filing followed an $800 million raise
Kraken parent Payward said on Nov. 19 that it had confidentially submitted a draft S-1 registration statement to the SEC for a proposed IPO of common stock. One day earlier, Kraken said it had raised $800 million at a $20 billion valuation. That round included a $200 million investment from Citadel Securities, with the company saying the capital would support its effort to bring traditional financial markets onto blockchain infrastructure.
The backdrop has changed since then. The report said the downturn in crypto markets after bitcoin reached a record high in October made companies more cautious about public listings and fresh fundraising, as lower asset prices and weaker trading volumes put pressure on valuations and investor sentiment.
IPO activity grew in 2025, but 2026 has opened unevenly
Last year brought a more favorable SEC environment, helping several companies reach the public market, including Circle Internet, CoinDesk parent Bullish and Gemini Space Station. PitchBook data showed that at least 11 crypto IPOs raised a combined $14.6 billion in 2025, compared with just $310 million in 2024.
Even so, 2026 has not delivered a smooth run for the sector. So far, crypto custodian BitGo is the only digital asset company to have listed, and its stock has fallen 44%. The report linked part of that decline to disorderly market conditions.
Securitize still aims to list as focus shifts to compliance and recurring revenue
Kraken is not the only company weighing the market. Tokenization firm Securitize, which works closely with BlackRock, said it still plans to go public. Founder and CEO Carlos Domingo said the company had already raised $225 million through a PIPE tied to its SPAC merger when market conditions were stronger, and said interest in tokenization remained strong despite the recent weakness. He said the firm plans to IPO as soon as it gets SEC approval, likely in the second quarter.
White & Case partner Laura Katherine Mann said 2025 was defined by listings tied to digital asset treasuries, while 2026 is shaping up around financial infrastructure companies. In her view, the next group of IPO candidates is likely to emphasize compliance maturity, recurring revenue and operational resilience, traits that fit more closely with traditional public market expectations.
Separately, two people familiar with the matter said Kraken dismissed its chief financial officer, Stephanie Lemmerman, earlier this year.