Kraken paused its IPO plans after confidentially filing with the SEC in November, with sources saying it may revisit a listing when market conditions improve, CoinDesk’s Will Canny and Helene Braun write. The delay comes after a banner year for crypto IPOs. Firms like Circle (CRCL), Bullish (BLSH) and Gemini (GEMI) went public and raised $14.6B collectively in 2025, the authors note. Kraken’s $800M raise at a $20B valuation, and broader industry trends, suggest this year’s IPO candidates will emphasize financial infrastructure, compliance, and steady revenue over trading-driven models, the publication adds.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CRCL:
- Circle Internet price target raised to $152 from $136 at Clear Street
- Crypto Currents: Strategy, Bitmine pile in as FOMC looms
- Mastercard (MA) Doubles Down on Crypto with $1.8 Billion BVNK Deal
- Circle Internet Group Adds Veteran Tech Leader to Board
- Circle Internet price target raised to $138 from $110 at Baird