Kraken says it is “80% ready” for an IPO after delaying plans earlier this year. Explore what’s next for the crypto exchange and the IPO market. | Credit: CCN.
Share
Key Takeaways
Kraken says it is “about 80% ready” for an IPO after completing major regulatory and operational preparations.
The exchange previously delayed its public debut amid weak crypto prices, lower trading volumes, and volatile markets.
Crypto IPO activity surged in 2025, but falling post-listing performance has made firms more cautious in 2026.
Speaking at Consensus Miami on May 5, Kraken co-CEO Arjun Sethi said the crypto exchange is “about 80% ready” to go public, signaling renewed momentum after months of uncertainty around the company’s IPO plans.
The update arrives at a critical moment for the crypto industry.
After a wave of listings in 2025, public market appetite for crypto firms cooled sharply as trading volumes dropped and digital asset prices pulled back from cycle highs.
Kraken itself delayed its market debut earlier this year, choosing to wait rather than launch amid unstable conditions.
Now, the exchange appears to be preparing for another attempt.
Try Our Recommended Crypto Exchanges
Sponsored
Disclosure
We sometimes use affiliate links in our content, when clicking on those we might receive a commission at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.
Sethi’s comments suggest Kraken believes most of the heavy lifting has already been completed.
The company confidentially filed paperwork with the U.S. Securities and Exchange Commission and has spent recent months strengthening the internal systems expected of a public company.
That includes governance improvements, tighter operational controls, automation, and broader compliance infrastructure.
According to Kraken, the remaining work is less about readiness and more about timing.
Arjun Sethi, Kraken CEO, at Consensus. Source: Wachsman.
The exchange is waiting for stronger market conditions, including improved investor sentiment, steadier crypto prices, and healthier trading activity, before moving forward.
Executives are also expected to engage institutional investors and analysts through the typical IPO roadshow process once market conditions become more supportive.
The company has expanded into custody, payments, stablecoin infrastructure, and broader financial services, positioning itself as a long-term provider of digital financial infrastructure rather than a pure trading business.
That positioning matters in today’s IPO market, where investors have become more selective about crypto exposure.
The Delay Earlier This Year Reflected Broader Market Pressure
After initially targeting a Q1 2026 debut, the company reportedly froze preparations in March as crypto markets weakened.
Bitcoin and altcoins had pulled back sharply from late-2025 highs, while trading volumes across exchanges slowed considerably.
Those conditions created a difficult backdrop for a public listing.
The exchange had previously raised $800 million in funding at a reported valuation of $20 billion, including participation from firms such as Citadel Securities.
But changing market conditions reportedly pressured valuations across the sector, forcing several crypto companies to reconsider timing.
Kraken never withdrew its filing. Instead, the company chose to wait for better conditions before proceeding.
That decision reflects a broader shift across crypto markets, where firms increasingly prioritize stability and long-term positioning over rushing to market during volatile periods.
Crypto IPOs Boomed in 2025 — Then Momentum Slowed
Kraken’s cautious approach mirrors what has happened across the wider crypto IPO landscape.
2025 saw a sharp increase in crypto-related listings, with exchanges, stablecoin issuers, trading platforms, and infrastructure firms collectively raising billions of dollars in public markets.
Several stocks, like Circle, initially surged after listing, benefiting from clearer regulatory guidance and renewed enthusiasm for digital assets.
But many of those gains faded as market conditions deteriorated.
Some crypto-linked stocks now trade well below their IPO prices, reflecting both weaker trading activity and growing investor caution toward highly cyclical crypto businesses.
The result has been a more selective market in 2026, where investors increasingly favor companies with recurring revenue, stronger compliance structures, and infrastructure-focused business models.
That environment may ultimately work in Kraken’s favor.
Unlike firms heavily tied to speculative trading activity alone, Kraken has increasingly focused on payments, custody, stablecoin services, and institutional infrastructure — areas investors may view as more durable through market cycles.
The partnership aims to improve access to crypto-to-cash and cash-to-crypto transactions globally through MoneyGram’s retail network.
Stablecoins are expected to play a central role in that system, particularly in regions where access to traditional financial infrastructure remains limited.
The move aligns with a broader industry trend, in which exchanges are expanding beyond trading into payments and financial infrastructure.
For Kraken, it also strengthens the narrative it may eventually bring to public investors: a crypto company positioning itself less as a speculative exchange and more as a regulated financial platform operating across multiple layers of digital finance.
A Public Listing Still Depends on the Market Window
Kraken’s “80% ready” claim reflects growing confidence, but the final decision still depends heavily on market conditions.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
Beyond his professional pursuits, Prashant is an avid music enthusiast, often exploring diverse genres to unwind. A sports lover, he has a particular passion for cricket and frequently engages in discussions about the game. His multifaceted interests and sharp journalistic instincts make him a valuable contributor to CCN, where he continues shaping the crypto landscape's narrative.
