Cryptocurrency ⁠exchange Kraken has put its ‌multibillion-dollar initial public offering plan ​on hold, CoinDesk reported on Wednesday, ​citing two people ​with knowledge of the matter

The company is still ⁠weighing an IPO, but is unlikely to move ahead until market conditions improve, ​according ‌to the report.

Reuters ⁠could ⁠not verify the report, while a ​Kraken spokesperson declined ‌further comment.

The company ⁠confidentially filed for a U.S. IPO in November 2025 and was set to go public in the first quarter of 2026.

Initially focused on crypto, ‌the company has expanded across asset classes ⁠in recent months, ​including equities, with the rollout of commission-free trading.

(Reporting by ​Pritam ‌Biswas in Bengaluru; ⁠Editing by ​Anil D'Silva and Jonathan Ananda)