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After confidential 2025 filing, Kraken suspends public listing plans as crypto downturn bites

Kraken has paused plans for a public listing after confidentially filing with regulators in late 2025, citing weak crypto market conditions [1].

Mar 18, 20264:03 PMNewsroom AI

Kraken postponed its planned initial public offering after confidentially submitting registration documents to securities regulators in late 2025; reports say market turbulence — including falling cryptocurrency valuations and reduced trading activity following Bitcoin’s autumn peak — prompted the pause [1] [2].

Prior to the filing, Kraken raised roughly $800 million at an approximate $20 billion valuation, with Citadel Securities contributing about $200 million; the exchange is reported to be waiting for improved market conditions before reviving the IPO process [1] [3] [4].

The decision reflects wider challenges for crypto firms seeking public listings amid a downturn in digital-asset prices and trading volumes, which has led several exchanges and startups to delay or rethink capital-market plans [3] [4].

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