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Citing two sources with knowledge on the matter, CoinDesk reports that Payward – the parent company of crypto exchange 
Kraken – has shelved its plans for multi-billion dollar public market debut.
What's the Scoop?
- IPO Pause: According to Coindesk's reporting, Payward, Inc. (dba Kraken), "is still considering an initial public offering, but probably not until market conditions improve." When reached for comment, a Kraken spokesperson told the outlet, "As we announced in November, we filed confidentially with the SEC, and that is all we can really share."
- Confidential Filing: On November 19, Kraken announced via press release that it had "confidentially" initiated the IPO process with the U.S. Securities and Exchange Commission, meaning its initial S-1 draft registration statement and pertinent financial information were filed with the agency, but unavailable for public review.
- Big Raise: One day before the announcement of its confidential IPO filing for its IPO, Kraken published a separate press release, revealing it received $800M in strategic investments from various institutional trading firms, including a $200M investment from hedge fund billionaire Ken Griffin's Citadel Securities which pegged the crypto exchange's valuation at $20B.
SCOOP: @krakenfx freezes its IPO plans due to difficult market conditions.
— CoinDesk (@CoinDesk) March 18, 2026
The exchange had filed confidentially with the @SECGov in November after raising $800M at a $20B valuation. pic.twitter.com/mrC826QMTI
