While most market participants were resting, several landmark events occurred in the crypto industry that could determine the development trajectory of the entire sector for years to come. From the postponement of the long-awaited IPO of one of the oldest exchanges to a new round of the regulatory war over perpetual contracts — we break down the key moments.
Kraken and its ambitions: IPO postponed
Payward, the company that owns the Kraken exchange, has officially postponed its plans to go public. According to my data, the earliest timeline has now been pushed to the second quarter of 2027. The company initially filed a confidential S-1 form with the SEC back in November 2025, but the challenging market conditions, which have hit prices and trading volumes, forced management to reconsider the timing.
Notably, shortly before filing the documents, Payward raised $800 million at a valuation of $20 billion, including $200 million from Citadel Securities. The fundamental metrics look solid: adjusted revenue in the second quarter grew 17% year-over-year, reaching $508 million, while the number of funded accounts increased by 42% (to 6.6 million). Assets on the platform are meanwhile estimated at $40 billion. This suggests the business is healthy, but the market is not yet ready to adequately value such companies.
Regulatory conflict: CFTC vs. CME
A far more interesting situation is unfolding around perpetual crypto contracts. The U.S. Commodity Futures Trading Commission (CFTC) has asked a federal court to dismiss a lawsuit filed by CME Group. The exchange is trying to challenge the regulator's position, which refuses to classify these products as futures.
The CFTC's argumentation is ironclad: their own policy allows the world's largest derivatives venue to launch perpetual futures on digital assets. If CME does not do so, that is its own choice, not a consequence of regulatory action. Moreover, the CFTC emphasizes that even if the court reclassifies the instruments, competitors would still be able to offer similar products, meaning CME's claimed harm from competition is nothing more than fiction.
Kalshi and oil futures
Prediction market platform Kalshi, valued at $22 billion, intends to request CFTC approval as early as next week to launch the first perpetual futures contract on WTI oil in the U.S. Significantly, the platform plans to trade on a 24/5 schedule rather than 24/7 — clearly, regulators are still cautious about the idea of continuous trading in energy commodities.
Market overview
Bitcoin (BTC) was trading near $77,746 at the time of analysis, up 0.34% over the day and moving within a range of $76,200–$77,900. Ethereum (ETH) remained around $2,407, showing minimal volatility. Among the leaders in gains were Cardano (ADA) at +4.25%, Litecoin (LTC) at +1.74%, and XRP at +1.56%. The laggards were Uniswap (UNI), down 7.74%, and Canton (CC), down 3.79%.
The Fear and Greed Index rose to 65 points, remaining in the greed zone. Over the day, $277 million in positions were liquidated, with long losses ($146.6 million) slightly exceeding short losses ($130.4 million). Flows into spot ETFs remain mixed: bitcoin funds attracted $101 million, while Ethereum products lost $48 million.
My take: The postponement of Kraken's IPO is a signal that should be taken seriously. Even with strong fundamental metrics, the company does not see a window for a public listing, which points to ongoing uncertainty in how traditional investors value crypto businesses. As for the CME and CFTC dispute, here we are witnessing a classic attempt by a giant to use the judicial system to fight younger competitors, and the outcome of this case will determine how quickly perpetual contracts become mainstream in the U.S. market.