Crypto exchange Kraken has suspended its plans for an initial public offering, sources familiar with the matter told CoinDesk. 

The company’s parent, Payward, had filed a confidential draft S-1 registration statement with the U.S. Securities and Exchange Commission in November 2025. The filing valued Kraken at $20 billion, following an $800 million funding round that included a $200 million investment from Citadel Securities.

Kraken had planned to go public this year but now faces a market environment marked by falling crypto prices and weaker trading volumes. The downturn has prompted many digital asset companies to reconsider timing and structure for public listings.

Last year saw…

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