Crypto Giant Kraken Stalls IPO: Is This the End of Crypto Dreams?

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Finance

What to know:

  • Kraken has put its IPO plans on hold after filing confidentially with the SEC in November – a move that will be debated, of course, until market conditions turn as comfortable as a winter’s day in St. Petersburg.
  • It follows a banner year for crypto IPOs, when Circle, Bullish, and Gemini went public and collectively raised $14.6 billion in 2025.
  • With an $800 million raise at a $20 billion valuation, the trend suggests this year’s starters will trade compliance and steady revenue over flashy trading models.

Kraken, which had announced its public debut only four months ago, is now taking a contemplative pause. Two watchers with knowledge, whose anonymity has been preserved as carefully as a old Russian manuscript, confirmed the delay.

They were clear that the company is still considering a public offering, but the timing is likely more in the twilight of market optimism than the bright present.

A spokesperson for Kraken noted, “As we announced in November, we filed confidentially with the SEC, and that is all we can really share.” The silence saw comments in the style of a distant village gossip.

The downturn in crypto markets since October, when Bitcoin reached a record high, has made companies wary of unveiling themselves to a crowd that has grown bloodthirstier and more skeptical.

Payward, Kraken’s parent, filed a draft S‑1 registration statement with the SEC on Nov. 19, following a valuation at $20 billion after an $800 million funding round that included a $200 million contribution from Citadel Securities.

Last year the SEC’s more favorable hand allowed the likes of Circle Internet, CoinDesk’s parent Bullish, and Gemini Space Station to find footing on the exchange. The combined $14.6 billion raised in 2025 marked a sharp rise from $310 million in 2024.

In 2026, crypto IPOs are expected to test the sector’s resilience. BitGo is the sole digital asset company with a listing so far, but its stock tumbled 44 %, a testament to how markets can suffer exposed disappointment.

Unlike Kraken, tokenization firm Securitize, in close partnership with BlackRock, plans to proceed when the SEC gives its nod – likely by the second quarter. CEO Carlos Domingo remarked, “We raised $225 million through a PIPE during a better market, and tokenization still has its fan base.”

Series of IPOs in 2025 turned out to be a parade of digital asset treasury listings, while 2026 promises a shift toward financial infrastructure. White & Case partner Laura Katherine Mann discussed how the next wave will lean on compliance maturity, recurring revenue, and operational resilience – the traits a classic public‑market audience would appreciate.

Earlier this year, Kraken let go of its chief financial officer, Stephanie Lemmerman, according to those familiar with the circumstances. Her departure, much like the others, adds another page to the saga that feels more like a provincial novel than an impromptu market tale.

UPDATE (March 18 15:23 UTC):Adding detail about the CFO leaving in the final paragraph above.

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2026-03-18 18:22