Overview
- Payward, Kraken’s parent, filed a confidential draft S-1 on November 19, 2025, and a company spokesperson confirmed the submission but declined further comment.
- Reporting attributes the pause to falling crypto prices and lighter trading since Bitcoin’s October peak, with 2026 listings struggling and BitGo down about 44% post-IPO.
- Kraken raised $800 million at a $20 billion valuation the day before the filing, including $200 million from Citadel Securities, to advance efforts linking traditional markets to blockchain infrastructure.
- Earlier this month, Kraken secured a master account from the Federal Reserve Bank of Kansas City, granting access to Fed payment rails without the full privileges of a traditional bank.
- Securitize, which works closely with BlackRock, says it still plans to list in the second quarter of 2026 pending SEC approval.