“People familiar with the matter” told Coindesk that Kraken’s IPO ambitions remain intact but are likely delayed until market conditions improve, following a period of declining digital asset prices and reduced trading activity that have pressured valuations across the sector.

Kraken previously confirmed it confidentially filed a draft S-1 with the U.S. Securities and Exchange Commission on Nov. 19, shortly after its parent company Payward secured $800 million in funding at a $20 billion valuation, including backing from Citadel Securities. The broader crypto IPO pipeline appears to be cooling after a more active 2025, when firms like Circle Internet, Bullish, and Gemini Space Station went public, raising a combined $14.6 billion, according to stats referenced in the report.

In 2026, however, only Bitgo has listed so far, with its shares down sharply, while firms like Securitize still aim to go public pending regulatory approval, signaling a shift toward infrastructure-focused companies emphasizing compliance and stable revenue streams.

• Why did Kraken delay its IPO?
  Kraken is waiting for improved market conditions as lower crypto prices and trading volumes affect valuations.
• Is Kraken still planning to go public?
  Yes, the company has not canceled its IPO and may proceed when conditions stabilize.
• How has the crypto IPO market performed recently?
  After a strong 2025, 2026 has seen limited activity with only one major listing so far.
• Which companies are still planning crypto IPOs?
  Securitize and other infrastructure-focused firms are still preparing to go public pending approval.

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