2025 crypto IPO activity surged to 11 IPOs totaling $14.6 billion, a notable year-over-year contrast to 2024.

The pause follows Kraken’s confidential SEC filing for an IPO and comes after an $800 million funding round that valued the company at about $20 billion.

Kraken had initially aimed to go public in early 2026 after confidentially filing in November 2025.

Separately, Kraken secured a master account with the Federal Reserve Bank of Kansas City, becoming the first crypto-native firm to access the Fed’s core payment infrastructure for direct settlement, albeit without interest on reserves or access to Fed lending.

Originally a crypto exchange, Kraken now offers equities with a commission-free trading rollout.

Kraken has expanded beyond crypto into other asset classes, including equities, and launched commission-free trading as part of its diversification.

Kraken has delayed its planned IPO due to bear market conditions and softer investor demand for crypto-related equities, with a review likely only when market conditions improve.

The master-account development signals growing mainstream finance acceptance of crypto, enabling settlement connectivity while avoiding full depository-institution regulation.

Kraken recently raised $800 million, including a $200 million investment from Citadel Securities, to support expansion into traditional markets via blockchain infrastructure.

Looking ahead to 2026, the narrative centers on financial infrastructure and compliant, revenue-generating crypto businesses preparing for public markets rather than broad IPO enthusiasm.

Securitize intends to pursue an IPO after SEC approval and has already raised $225 million via a PIPE tied to a SPAC merger.

Kraken reportedly dismissed its CFO earlier in 2026, marking a notable internal shift during IPO planning.