Multiple reports indicate that the crypto exchange Kraken has hit pause on its initial public offering (IPO). The justification was the current choppy market conditions.
Kraken had intended to float its shares at a valuation of around $20 billion. Concerns have been raised that market volatility could have seen a lower price for its shares.
In a move that should help boost its future IPO prospects, Kraken this week bolstered its non-crypto services by announcing plans to expand its tokenized securities offerings to over 500 listings.
Kraken’s “xStocks” has now surpassed 100 fully backed, 1:1 tokenized US stocks and ETFs, expanding from 60 at launch.
Since its launch in 2025, Kraken has reported more than $25 billion in transaction volume for tokenized securities.
Val Gui, General Manager of xStocks, said there is no question that stocks should go onchain, and the big question is how quickly they can be tokenized.
“The next step is expanding access to every major U.S. equity and, ultimately, other leading global equities across international markets. That is when tokenized equities move from innovation to truly the future of financial infrastructure.”
By adding asset classes beyond alt coins and more traditional offerings like Bitcoin and Ethereum, Kraken is on a trajectory of becoming the everything platform where customers can invest, manage, and trade the full spectrum of assets. This also includes banking features, as customers lean in on using fewer platforms instead of more to manage their digital financial existence. As a well established marketplace, Kraken is well positioned to compete globally with their crypto native brethren as well as more traditional brokerages and legacy banking firms.
While the IPO may be on hold, market dynamics could improve later this year sufficiently to see Kraken make the leap into a reporting firm.
