Crypto exchange Kraken freezes multibillion-dollar IPO plan due to difficult market conditions

Kraken's parent company filed a draft S-1 registration statement with the SEC in November regarding the proposed initial public offering of its common stock. What to know : Kraken paused its IPO plans after confidentially filing with the SEC in November, with sources saying it may revisit a listing when market conditions improve. The delay comes after a banner year for crypto IPOs. Firms like Circle, Bullish and Gemini went public and raised $14.6 billion collectively in 2025. Kraken’s $800 million raise at a $20 billion valuation, and broader industry trends, suggest this year's IPO candidates will emphasize financial infrastructure, compliance, and steady revenue over trading-driven models.