Crypto exchange Kraken has put its $800 million IPO plan on hold following a confidential S-1 filing with the SEC in November, citing cautious timing amid declining crypto prices and weaker trading volumes. The company, valued at $20 billion after recent funding including $200 million from Citadel Securities, may revisit public listing when market conditions improve. Analyst Laura Katherine Mann of White & Case noted that 2026 IPOs will likely focus on compliance, recurring revenue, and operational resilience over trading-driven models.(金十数据)