PANews reported on March 18th that, according to CoinDesk, Kraken's parent company, Payward, secretly filed for an IPO with the U.S. SEC last November. However, due to the recent weakening of the crypto market since Bitcoin reached its all-time high, valuations have been under pressure, and trading volume has declined. The company has suspended its listing process, awaiting improved market conditions before resuming. Payward previously completed an $800 million funding round at a valuation of approximately $20 billion, including $200 million from Citadel Securities, to promote blockchain technology in traditional financial markets. In contrast, at least 11 crypto companies, including Circle, Bullish, and Gemini, are projected to raise approximately $14.6 billion through IPOs in 2025. However, so far in 2026, only the custodian BitGo has successfully listed, and its share price has fallen by approximately 44%.