The 2026 crypto IPO market is proving harder than 2025 suggested it would be. Kraken has paused its plans to go public, citing difficult market conditions, according to CoinDesk reporting, with sources saying the exchange may revisit a listing when conditions improve.

Kraken filed confidentially with the SEC in November, the same week it raised $800 million at a $20 billion valuation, including $200 million from Citadel Securities. Bitcoin has since pulled back from its October record high, weighing on trading volumes and making investors more cautious about new listings.

This story is an excerpt from the Unchained Daily newsletter.

Last year, 11 crypto companies went public and raised a combined $14.6 billion, up from $310 million in 2024. The 2026 class is off to a rougher start: BitGo, the only digital asset firm to list so far this year, has seen its stock fall 44%. CoinDesk also reported that Kraken dismissed its CFO, Stephanie Lemmerman, earlier this year.

Not everyone is pulling back. Securitize, the tokenization firm that works closely with BlackRock, says it still plans to go public as early as the second quarter. But the gap between 2025’s IPO frenzy and 2026’s caution is growing.