Overview
- Payward, Kraken’s parent, filed a draft S-1 with the SEC on November 19, 2025, and the company confirmed the confidential submission.
- Crypto market capitalization has dropped from about $3.2 trillion to $2.5 trillion since November, with softer trading volumes weighing on IPO timing.
- 2026 has seen limited new listings, with BitGo the lone major debut and its shares down roughly 44% since going public.
- Kraken raised $800 million at a $20 billion valuation in November, including a $200 million investment from Citadel Securities.
- Peers are taking different approaches, as tokenization firm Securitize says it expects to list in the second quarter of 2026 pending SEC approval.