Author: Nicky, Foresight News
Original Title: Kraken Suspends IPO Plans, Can Exchanges Not Navigate Bull and Bear Markets?
On March 18, according to CoinDesk, cryptocurrency exchange Kraken has temporarily shelved its IPO plans after confidentially submitting an application to the U.S. Securities and Exchange Commission in November 2025. Sources indicated that the company may reconsider when market conditions improve. This decision follows the surge in crypto company listings in 2025—firms like Circle, Bullish, and Gemini collectively raised $146 billion last year, making Kraken's pause particularly notable.
Kraken's suspension of its IPO is closely tied to the current downturn in the crypto market. According to Bitget data, Bitcoin's price has been declining since hitting an all-time high of $126,200 on October 6, 2025, dropping to around $60,000 by February 6, 2026, a maximum decline of over 52%. As of March 19, it is still hovering near $70,000. During the same period, the total market capitalization of cryptocurrencies shrank from $4.23 trillion to $2.43 trillion, a decrease of 42.5%.
Coinbase, a bellwether for crypto in the U.S. stock market, also experienced significant volatility. After reaching a historic high of $444.6 on July 18, 2025, its stock price fell to a near one-year low of $139.36 on February 12, 2026, a maximum drop of 68.65%. It closed at $202.29 on March 18, with a market cap of $53.42 billion, but market confidence has not fully recovered.
Other recently listed crypto companies are also facing severe challenges. Since its listing on September 12, 2025, Gemini's stock price has fallen from its first-day close of $32 to a low of $5.57 on February 23, 2026, a decline of nearly 82.6%. It closed at $5.96 on March 18, with a market cap of approximately $701 million.
Bullish, after listing on August 13, 2025, saw its stock price drop from $68 to a historic low of $24.79 on February 5, 2026, a decline of 63.5%. It closed at $38.28 on March 18, with a market cap of $5.754 billion.
In terms of business scale, Kraken ranks in the middle globally among exchanges. According to CoinMarketCap data, Kraken's spot trading volume in the last 24 hours is approximately $1.2 billion, ranking 14th globally; its derivatives trading volume is about $1.1 billion, ranking 10th. In comparison, Coinbase's spot trading volume in the last 24 hours is around $1.86 billion, ranking second globally, while Binance leads with over $10 billion in spot trading volume and $65.18 billion in derivatives trading volume.
Financially, Kraken's parent company Payward reported 2025 results with adjusted revenue of $2.2 billion, a 33% year-over-year increase; adjusted EBITDA grew 26% to $531 million. Trading business revenue accounted for 47% of total revenue, with the remainder coming from non-trading businesses such as custody, payments, and financing. Total annual trading volume increased 34% to $2 trillion, platform assets grew 12% to $48.5 billion, and the number of customer accounts rose 50% to 5.7 million.
Despite the IPO plans being shelved, Kraken has been active in business expansion and regulatory compliance in recent months. On March 9, 2026, Nasdaq announced a partnership with Kraken to develop tokenized stocks and exchange-traded products, expected to launch in early 2027, focusing on using blockchain technology to streamline corporate governance processes.
On March 4, Kraken received approval for a Federal Reserve master account, becoming the first cryptocurrency company to access the Fed's core payment system, allowing direct use of the Fedwire interbank payment network. On February 25, the company launched its crypto asset staking loan service Flexline, enabling professional traders to access liquidity without selling their holdings. On February 24, Kraken announced the launch of regulated tokenized stock perpetual futures contracts, available to qualified non-U.S. users in over 110 countries, with initial products covering tokenized versions of major indices like the S&P 500 and Nasdaq 100.
Changes in the regulatory environment have added uncertainty to Kraken's path to listing. On March 18, the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission jointly issued interpretive guidance clarifying the classification standards for crypto assets, ending over a decade of regulatory ambiguity. This document provides clearer compliance guidance for the market but also means companies need to reassess how their business structures align with regulatory requirements. Meanwhile, cryptocurrency market structure legislation advancing in Congress is expected to pass in 2026, further clarifying the regulatory归属 of digital assets.
Kraken's decision to pause its IPO reflects the structural challenges crypto companies face in capital markets. On one hand, the industry is expanding from pure cryptocurrency trading to broader financial services, including stock trading, tokenized assets, and payment infrastructure; on the other hand, market volatility and regulatory uncertainty make investors cautious about valuing such assets.
For the entire cryptocurrency industry, Kraken's delayed listing may signal a turning point. Laura Katherine Mann, a partner at international law firm White & Case, previously noted that 2025 was a test year for crypto company IPOs, and 2026 would be the key node to test the long-term sustainability of digital asset IPOs. The market is judging whether crypto IPOs are a sustainable asset class or a cyclical trade that only during bullish markets. In the current market environment, Kraken's choice to wait for a more opportune moment may be a more prudent strategy.
It is worth noting that other leading players in the crypto industry are also actively adjusting their strategies to adapt to market changes. On March 19, Kris Marszalek, CEO of crypto trading platform Crypto.com, announced that the company is全面推进 its AI transformation, integrating AI tools and talent to enhance operational scale and precision. As part of this strategic adjustment, the company has targeted a reduction of about 12% of positions不适应 the new landscape.
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