Cryptocurrency exchange Kraken has put its IPO plans on hold just four months after announcing them. The decision is attributed to challenging market conditions, according to CoinDesk, citing informed sources.
Sources indicate that the platform is still considering a public offering but will wait until the sector stabilizes.
A Kraken representative declined to comment, citing the confidentiality of the process, but confirmed that the platform has submitted a confidential filing with the SEC. The IPO was initially expected to take place in the first quarter of 2026.
In September 2025, as part of its preparations for going public, Kraken raised $500 million, bringing its valuation to $15 billion. In November, the project secured an additional $800 million, pushing its market capitalization above $20 billion.
The majority of the $600 million came from institutional investors, 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 worth $200 million with Citadel Securities.
End of the IPO Boom?
The past year was a record one for cryptocurrency IPOs. According to PitchBook, companies conducted 11 offerings totaling $14.6 billion, compared to just $310 million the previous year.
Amid a more favorable regulatory environment under former U.S. President Donald Trump, Circle, Bullish, and Gemini went public. Initially, all saw strong growth, but following the market crash in October, their stocks suffered losses.
Source: PitchBook.
“Most crypto firms are tightly linked to cryptocurrency prices and demand, which is typically driven by those same prices,” explained Morningstar analyst Michael Miller.
At the time of writing, Bitcoin is trading at around $71,200, more than 43% below its all-time high of $126,000 reached in October.
The year 2026 is shaping up differently. So far, the only completed listing among crypto companies has been BitGo's stock offering, which saw its shares drop by 20% amid volatility.
Source: Yahoo Finance.
Despite the losses, industry experts remain optimistic about the prospects for new IPOs. According to Coinbase's head of corporate development, Aklil Ibs, this year will see “institutionally resilient companies with real scale and fundamental metrics” going public.
The tokenization platform Securitize, which works closely with BlackRock, has already confirmed plans for a stock offering in the second quarter.
It’s worth noting that in November, Ripple's CEO Monica Long denied reports about intentions to conduct an IPO.