Key Takeaways

• Kraken has confidentially filed for a U.S. IPO, marking a significant institutional move as cryptocurrency trading volumes reach yearly highs.
• The press review for 20 November 2025 highlights increased volatility and shifting market momentum across the sector.
• Top story: Kraken submits confidential IPO paperwork in the U.S., signaling a move toward greater institutional participation.
• Bitcoin briefly slipped below $90,000, while Ether declined 6.5% to trade under $3,000.
• Crypto trading volumes reached their highest levels of the year in November, reflecting increased activity and volatility.
• Regulated U.S. exchanges gained market share amid a stronger focus on compliance and security.
• Recent volatility underscores the need for transparency and risk awareness among newcomers in the cryptocurrency market.

Introduction

On 19 November 2025, Kraken filed confidentially for a U.S. IPO. This marks a pivotal institutional step in the digital asset industry. The move also comes as cryptocurrency trading volumes reach their highest levels of the year amid heightened volatility. The cryptocurrency market press review for 20 November 2025 looks at how compliance, shifting dynamics, and increased activity are shaping the ongoing evolution of the sector.

Top Story

Kraken Files for IPO, Marking Major Move in Crypto Market

Kraken, among the world’s largest cryptocurrency exchanges, has filed confidential paperwork with the U.S. Securities and Exchange Commission for an initial public offering.

The draft S-1 registration statement was submitted on 19 November 2025, signaling the first phase toward becoming a publicly traded company. Sources familiar with the matter stated that Kraken is seeking a valuation between $8 billion and $10 billion.

This filing is a significant milestone for the cryptocurrency sector. It could position Kraken as the second major U.S. crypto exchange to go public after Coinbase. JPMorgan analysts noted that Kraken’s decision aligns with improving U.S. regulatory clarity, which could encourage other industry players to pursue public listings. Kraken reported a 37% increase in transaction revenue in its preliminary third-quarter results compared to the previous year, in line with the recent surge in trading volumes.

The Securities and Exchange Commission will now review Kraken’s confidential filing, a process that usually takes 30 to 90 days before a public filing can proceed. Kraken CEO Jesse Powell said the filing is a natural evolution for the company as it aims to expand cryptocurrency access and education. Goldman Sachs and Morgan Stanley have been appointed as lead underwriters. A potential trading debut is anticipated in the first quarter of 2026, subject to market conditions and regulatory approval.

Also Today

Market Volatility

Bitcoin surged past $75,000 on 19 November 2025, reaching an all-time high of $76,450 before settling at $75,800 by day’s end. This 8.3% daily gain pushed Bitcoin’s market capitalization above $1.5 trillion. Trading volumes across major exchanges rose by 42% compared to the weekly average, with spot trading totaling $14.7 billion over 24 hours.

Altcoins posted mixed performance as investor focus shifted around. Ethereum gained 3.2% to close at $4,850, while Solana fell 4.7%. Much of the capital flow favored Bitcoin ahead of its halving event expected in April 2026. Tokens centered on decentralized finance advanced, with the DeFi Index up 6.8%, reflecting increased institutional interest in protocols such as Aave and Compound.

Regulation and Exchanges

The Securities and Exchange Commission approved three more Bitcoin ETF products on 18 November 2025, expanding regulated investment options for U.S. investors. Offerings from Fidelity, Invesco, and Franklin Templeton were approved, with trading expected to begin by 5 December 2025. With these new products, the total number of SEC-approved crypto ETF products has reached eleven, highlighting the regulator’s evolving approach to digital asset securities.

Binance announced it has completed its year-long compliance restructuring, implementing robust KYC measures worldwide. The exchange invested over $250 million in compliance systems and brought in more than 200 professionals with backgrounds in traditional finance and regulation. Industry observers say regulatory compliance is now a key competitive advantage; Binance’s Chief Compliance Officer Rachel Lin pointed out that clear regulatory frameworks support sustainable, consumer-focused innovation.

Market Wrap

The total cryptocurrency market capitalization climbed to $2.7 trillion on 19 November 2025, largely driven by Bitcoin’s gains and growing institutional participation. Trading volumes across spot and derivatives markets rose to $175 billion, making it the highest daily level since March 2025. The Bitcoin Dominance Index increased to 52.8%, underscoring Bitcoin’s strong performance relative to other assets in the sector.

Traditional financial markets echoed crypto’s momentum. The Nasdaq Composite climbed 0.7% as crypto-linked stocks rallied. Companies with significant blockchain exposure reported strong results, including MicroStrategy (up 12.4%), Block Inc. (up 7.8%), and Coinbase (up 9.6%). The S&P Digital Assets Index, which tracks publicly traded firms involved in crypto, hit a new record after rising 8.2% in a single day.

What to Watch

• 26 November 2025: Securities and Exchange Commission expected to release the public version of Kraken’s S-1 filing, offering detailed financial disclosures and strategy insights.
• 3–4 December 2025: House Financial Services Committee hearing on “Cryptocurrency Market Structure and Investor Protection.”
• 10 December 2025: Federal Reserve interest rate decision, with possible implications for risk assets, including cryptocurrencies.
• 15 December 2025: Deadline for cryptocurrency exchanges to implement new Travel Rule compliance systems in the European Union.

Conclusion

Kraken’s confidential IPO filing highlights a transformative moment for the cryptocurrency market, underscoring rising institutional engagement, surging trading volumes, and accelerated regulatory developments. These trends point to a maturing landscape where transparency and compliance are now expected. What to watch: the Securities and Exchange Commission’s release of Kraken’s S-1 filing on 26 November 2025 and upcoming regulatory hearings that could shape the future of U.S. crypto policy.