Kraken has postponed its planned initial public offering, citing bear market conditions and reduced investor appetite for crypto-linked equities.
The exchange had confidentially filed for a US listing in November 2025 and was widely expected to go public in early 2026.
However, the recent downturn in crypto markets and declining trading volumes have forced a reassessment of timing.
As a result, Kraken is choosing to delay rather than risk a discounted valuation or weak debut. The company has raised roughly $800 million in late-stage funding, valuing it at around $20 billion. It had positioned itself as a multi-asset platform, expanding beyond crypto into equities and institutional services.
Last week, NFT platform OpenSea also postponed SEA token launch plans due to bear market conditions.
Meanwhile, Kraken’s decision signals a broader cooling in the crypto IPO cycle. After a strong 2025, which saw companies like Circle, Bullish, Gemini, Figure, and eToro go public in the US, market conditions have shifted.
Notably, these firms represent core financial infrastructure, including stablecoins, exchanges, custody, and tokenization.
Yet, their public market performance remains closely tied to crypto price cycles.
Ultimately, Kraken’s delay does not cancel its IPO plans. Instead, it reflects a more cautious approach as firms wait for stronger market conditions and more stable investor demand.
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