Kraken Suggests IPO Isn't off the Table as Cooling Markets Deter New Listings

A spokesperson for Kraken told Sandmark the company stands by a November disclosure, in which parent firm Payward said it had confidentially made a regulatory filing for an IPO. The spokesperson declined to comment further and dismissed reports of a delay as a "rumor".

Kraken's potential IPO has been seen as one of the most closely watched potential listings after it raised $800mn at a $20bn valuation last year. In the November filing, Payward said the proposed offering would proceed after the SEC review process, subject to market and other conditions, without providing a timeline. 

Media reports on 18 Mar suggested that Kraken has delayed going public until market conditions improve, after weaker crypto prices and trading volumes depressed valuations and investor sentiment. 

Cooling crypto markets weigh on IPO outlook 

Bitcoin (BTC) has declined about 20% since November 2025, when Kraken disclosed its confidential IPO filing, contributing to a broader cooling in crypto markets. 

Centralized exchange activity has softened alongside prices, with the global market capitalization of digital assets falling from roughly $4.27tn at October's high to around $2.43tn at current prices. Bitcoin is down about 18% year to date, trading at about $72k at 18:36UTC on Wednesday.

Timing matters  

Last year was a breakout year for crypto IPOs, but not every issuer reached public markets at an ideal moment. Gemini, another exchange operator, completed its IPO in September 2025 at $28 a share, just weeks before the broader crypto market turned sharply lower. 

The market has since become much less forgiving. Gemini said in a February filing that it expects to post a loss close to $600mn for 2025. Its shares are down 78% since the IPO, while the Nasdaq 100 benchmark index is little changed over the same period.