Crypto Exchange Kraken Boss Slams The Brakes On US IPO Plans

Kraken said it has no plans to rush into a US public listing, stressing that its current cash and risk controls give it room to wait. According to co-CEO Arjun Sethi, the exchange is “financially sound” and holds enough capital on its balance sheet as a private company. Kraken has raised $530 million since its 2011 founding, with a $500 million round in September that valued the firm at $15 billion. “We have enough capital on our balance sheet as a private company,” Sethi said. “We don’t race to the door as quickly as possible.” Company Says It Has Plenty Of Capital Sethi told Yahoo Finance that Kraken won’t rush things up just because peers are going public. Reports have disclosed that other crypto firms have seized the moment; still, Kraken’s leaders say they prefer to set their own timetable. A Wave Of Crypto Listings Has Shifted Investor Views Several rival businesses have listed this year, and that has helped push investor interest in crypto firms. Circle’s IPO attracted attention after shares jumped over 160% to above $83, and a later rally briefly boosted the price past $260 before cooling back to about $82. Grayscale filed to debut in the US as others, including Gemini, Bullish and eToro, completed listings. Custody firm BitGo also filed to go public in September. Clues On Profitability Sethi argued that early movers are educating investors on margins and business models. He said seeing public filings helps buyers and sellers better judge which revenue streams matter. Market Drop Tests Exchanges’ Fortitude Bitcoin has slid amid a wider market wobble. Based on reports, the coin fell over 4% in the past day to near $97,000, marking more than a 22% pullback from a peak above $126,000 in early October. Crypto-related stocks also weakened. Cipher Mining sank 14%, Riot Platforms and Hut 8 each fell 13%, and MARA Holdings and Bitmine Immersion slipped over 10%. Coinbase and Strategy dropped around 6%. The Crypto Fear & Greed Index fell to 15, hitting seven-month lows as investor mood turned cautious. Kraken Downplays Short-Term Price Swings Sethi did not sound alarmed by the drop, saying the long-term reasons people buy Bitcoin or Ethereum matter more than brief moves. He emphasized looking at the “thesis” behind assets rather than chasing daily swings. That stance was presented as part of a wider company approach that favors steady risk management over reactive moves. No Rush Despite Policy Signals And Peer Listings Based on reports, the friendlier regulatory posture from US President Donald Trump’s administration and improving market conditions have prompted some firms to go public. Still, Kraken’s leadership says timing should fit its own targets. Bloomberg reported earlier that the company had been lining up an IPO possibly as early as the first quarter of 2026, but Kraken’s co-CEO stressed there is no FOMO driving the decision. Featured image from Unsplash, chart from TradingView