Several crypto firms went public last year, but market conditions have left even the strongest firms reconsidering their path.
Kraken’s parent company Payward has reportedly delayed plans to launch a US initial public offering amid worsening market conditions.
The company behind the cryptocurrency exchange announced intentions to go public in November 2025, filing a draft S-1 registration statement with the US Securities and Exchange Commission.
Payward announced these plans shortly after raising $800m in new funding, including a $200m strategic investment from Citadel Securities, with Jane Street and DRW Global Investments also participating.
The capital injection pushed Kraken’s valuation to around $20bn, setting 2026 up as a potentially defining year for the exchange.
However, this momentum appears to have fallen flat, with two sources familiar with the matter telling CoinDesk on 18 March that the IPO plans have now been paused. Payment Expert has contacted Kraken for confirmation, but has yet to receive a response.
A lot can change in a year, especially in crypto
A wave of successful crypto-related listings in 2025 fuelled expectations that more firms would follow this year.
Companies including Circle Internet, Gemini Space Station and eToro all entered public markets, benefiting from strong investor appetite and improving sentiment toward digital assets.
eToro in particular stood out, with its IPO priced at $52 per share and opened with a gain of more than 30%. The offering included 10 million Class A shares split between the company and existing shareholders, with an additional 1.5 million shares available through an over allotment option.
This favourable environment was partly due to a more supportive regulatory environment in the US. President Donald Trump’s administration has taken a more accommodating stance toward digital assets, while the SEC clarified certain stablecoins would not be classified as securities.
Circle, best known as the issuer of USDC, was among the key beneficiaries. As stablecoins become more embedded in payments infrastructure, the company moved to capitalise on that growth with a New York Stock Exchange listing targeting a valuation of up to $6.71bn.
Is Kraken right to wait?
The outlook in 2026 has become much more uncertain, with bitcoin dropping from its highs reached last October. At the same time, geopolitical tensions have caused further nervousness. The ongoing conflict involving the US and Israel with Iran has intensified despite calls for a ceasefire, with energy infrastructure becoming targets of attacks.
BitGo listed on the New York Stock Exchange in January, becoming the first crypto firm to go public this year.
Trading under the ticker BTGO, the company exceeded its valuation expectations, reaching around $2.1bn and raising $212.8m through the sale of 11.8 million shares at $18 each. Despite the strong debut, BitGo’s stock has since fallen by 44%, perhaps adding some validity to Payward’s decision to hit pause.
