Wall Street Rejected Crypto: BitGo Down 60% Despite Record Growth, Kraken Pauses IPO Again

BitGo stock is down 60% over 7 months, even as revenue grew 79.6% YoY and 14.7% in the last quarter, while the Kraken IPO has been paused again until late 2027. What does Wall Street see in crypto exchanges that retail doesn’t, and why are Ledger, Consensys, and Grayscale stalled with them?

Dana Love, PhD breaks down the entire crypto IPO queue with receipts: Payward and Kraken’s confidential draft S-1 from November 2025 and the September 2 report pushing the listing to the second quarter of 2027; Ledger’s abandoned $4 billion listing; Consensys and MetaMask never filing at all; Grayscale’s fourteen months of silence; Blockchain.com’s 105 days of nothing since May 21. BitGo is the sixth company and the reason the other five stopped, going from a $2.08 billion valuation on listing day to an $840 million market capitalization while its revenue grew 79.6% year over year. Then the April check almost nobody read correctly: Deutsche Börse paying $200 million for 1.5% of Payward at a $13.3 billion implied valuation, in a secondary sale where the company received nothing, six weeks before it went back out asking for $20 billion. Plus the September 1 London Stock Exchange partnership on tokenized UK equities, and what an exchange operator buying the rails instead of the stock tells you about how the stock market is pricing this corner of the cryptocurrency and blockchain business. Full MY TAKE with a stated probability and named falsifiers.

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CHAPTERS
00:00 Crypto News Today: The IPO Window That Never Reopened
02:59 Crypto News: The One That Got Out
04:59 Crypto News Today: Five Names and Five Dates
07:58 Crypto IPO: 105 Days of Nothing
09:15 Crypto Market: Why “Market Conditions” Does Not Cover It
11:12 Kraken News: The Check Nobody Read as a Price
13:46 Blockchain News: The Rails, Not the Stock
15:48 My Take

SOURCES
Payward IPO pushed to Q2 2027 https://www.coindesk.com/business/2026/09/02/kraken-parent-payward-pushes-ipo-back-to-mid-2027-at-earliest
Payward Q2 results and EBITDA decline https://cryptobriefing.com/payward-delays-ipo-2027/
Payward Q2 revenue and funded accounts https://crypto.news/kraken-ipo-delayed-until-q2-2027-report/
Deutsche Börse $200M stake at $13.3B https://www.fintechfutures.com/blockchain-crypto-digital-assets/deutsche-borse-acquires-stake-in-kraken-for-200m
Secondary structure confirmed https://coinmarketcap.com/academy/article/deutsche-borse-takes-dollar200m-kraken-stake-in-tradfi-push
Payward seeking fresh capital at $20B https://www.coindesk.com/business/2026/05/08/kraken-parent-payward-seeks-fresh-funding-at-usd20-billion-valuation-ahead-of-potential-ipo
BitGo IPO pricing and valuation https://www.barchart.com/story/news/37229376/should-you-buy-btgo-stock-after-the-bitgo-ipo
BitGo second-day close https://finance.yahoo.com/news/bitgo-stock-plunges-below-ipo-212108281.html
BitGo Q2 2026 results and analyst targets https://stockanalysis.com/stocks/btgo/
BitGo market capitalization https://www.macrotrends.net/stocks/charts/BTGO/bitgo-holdings/market-cap
Grayscale, Consensys, Ledger postponements https://coinpaper.com/32858/gemini-stock-is-down-89-as-bitgo-and-bullish-lead-6-crypto-ipo-losses
Ledger bankers and valuation target https://bitcoinethereumnews.com/crypto/payward-postpones-kraken-ipo-until-2027-amid-crypto-market-headwinds/
Blockchain.com confidential filing https://www.pymnts.com/news/investment-tracker/ipo/2026/blockchain-com-files-confidentially-for-ipo/
Blockchain.com company figures https://beincrypto.com/blockchain-com-ipo-sec-filing-2026/
Blockchain.com current status https://coincodex.com/article/85088/blockchain-com-ipo/
LSEG and Payward tokenized UK equities https://www.coindesk.com/markets/2026/09/01/london-stock-exchange-to-work-with-payward-to-bring-biggest-uk-stocks-onchain
LSE 24 trading hours and testing timeline https://cryptodaily.co.uk/2026/09/lseg-kraken-tokenized-uk-stocks-lse-24
xStocks issuance structure https://finance.yahoo.com/markets/crypto/articles/lse-partners-kraken-bring-uk-193829352.html

source