The move came four months after Kraken confidentially filed for an IPO with the Securities and Exchange Commission (SEC) and announced an $800 million funding round that valued it at $20 billion, according to the report.

Since then, the downturn in crypto markets that began in October has continued and made companies more cautious about going public due to weaker investor sentiment, per the report.

Asked about the report by CoinDesk, a Kraken spokesperson said: “As we announced in November, we filed confidentially with the SEC, and that is all we can really…