Kraken pauses IPO plans amid tough market conditions

Kraken has paused its plans for an initial public offering (IPO) after previously filing confidentially with the Securities and Exchange Commission. This decision comes as crypto markets have experienced a significant downturn since November, with Bitcoin declining roughly 44% from its all-time high. While Kraken generated approximately $2.2 billion in adjusted revenue in 2025 with 33% year-over-year growth, the broader market weakness has reduced trading volumes and compressed valuations, making a public listing less appealing. Recent IPOs from other crypto firms, such as Circle, Bullish, and Gemini, have largely underperformed, further contributing to Kraken’s decision. Despite improvements in regulatory clarity with acts like the GENIUS Act and CLARITY Act, market cycles continue to heavily influence capital markets activity in the crypto space.

(Source：Crypto Briefing)