Kraken, a major US crypto exchange, is in no rush to go public despite the trend in the industry. The company, operating since 2011, raised $500 million this year, valuing it at $15 billion. They are considering another funding round at a $20 billion valuation, but have been sharing financials publicly.

While other crypto firms have gone public, Kraken has doubled its revenue to $648 million in the third quarter. Their trading platform saw $562 billion in transaction volume. Despite the recent crypto market correction, Kraken has not followed the trend of going public like others in the industry.

Other crypto firms like Circle, Gemini, Bullish, and Figure Technology have gone public this year, but have seen their stocks fall due to the recent crypto market correction. Circle’s stock is up 22% year-to-date, while others like Bullish and Gemini have seen a significant decline in their stock prices.

With the US government shutdown affecting the IPO process, it may not be the best time for companies like Kraken to go public. Matthew Kennedy of Renaissance Capital believes there aren’t many ideal weeks left for IPOs in 2025, further delaying any plans for Kraken’s IPO.

Read more at Yahoo Finance: Kraken boss Arjun Sethi says company won’t ‘race to the door’ to get an IPO done