Crypto Exchange Kraken Delays IPO Citing Market Turbulence
Cryptocurrency exchange Kraken announced a delay in its initial public offering (IPO) due to unfavorable market conditions affecting the digital asset sector.
• How is BTC doing today?
The crypto sector has faced challenges since Bitcoin’s (CRYPTO: BTC) peak in October. Bitcoin tumbled below $70,000 as equities continue to slide lower while oil prices surge. The downturn in asset prices and trading volumes has led to cautiousness among companies considering public offerings.
This decision follows Kraken‘s earlier confidential filing for a U.S. IPO, which aimed for a $20 billion valuation after closing an $800 million funding round that marked a 33% increase in its valuation in under two months.
Other IPOs, Acquisitions
While Kraken has decided to wait for more favorable conditions, other firms continue to pursue public listings.
Securitize, a tokenization platform, is moving forward with its IPO plans, collaborating with BlackRock …
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