Very, very bad news for the crypto industry.



Kraken, the second-largest cryptocurrency exchange in the United States, announced it is suspending its IPO plans worth billions of dollars, with a valuation as high as $20 billion.

Previously, Kraken had already submitted an S-1 filing to the U.S. SEC, indicating it was originally prepared to go public, but now it has publicly announced the decision to suspend.

The current state of crypto is visibly clear — poor macro liquidity, capital flowing toward AI industry chains, declining trading volume. For exchanges, trading volume equals revenue.
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