Crypto exchange Kraken has put its $800 million IPO plan on hold following a
confidential S-1 filing with the SEC in November, citing cautious timing amid
declining crypto prices and weaker trading volumes. The company, valued at $20
billion after recent funding including $200 million from Citadel Securities, may
revisit public listing when market conditions improve. Analyst Laura Katherine
Mann of White & Case noted that 2026 IPOs will likely focus on compliance,
recurring revenue, and operational resilience over trading-driven models.