Blockspace: Kraken Cancels IPO, Vanity Fair Takes Down Crypto, Ledn's CEO on Bitcoin loans, & Mining to AI/HPC

Mar 19, 2026

Guest

Tom Massero

Guest

Adam Reed

Guest

Francis Corvino

Tom Massero, Director of Strategy at Cathedral Bitcoin, explains a merger and trends in mining, HPC, and AI infrastructure. Adam Reed, CEO of Ledn, covers Bitcoin lending and a large Bitcoin-backed ABS. Francis Corvino of Lygos Finance breaks down the Blockfills Chapter 11 and $145M in claims. They discuss Kraken shelving its IPO, SEC token guidance, and a Lazarus Group phishing attack.

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INSIGHT

Kraken Shelved IPO Because Market Timing Turned Against It

Kraken paused its IPO because market timing matters and Bitcoin's slide after filing made a public listing less attractive.
The company still holds regulatory wins like a skinny Fed master account and can re-file when market conditions improve.

INSIGHT

Blockfills Bankruptcy Is A Multiyear Hangover Not A Single Shock

Blockfills' Chapter 11 revealed $145M in unsecured claims and only about $30M of collateral, showing a deep, multi-year balance-sheet hole.
Francis Corvino traced much of the trouble to legacy 2022 exposures (mining loans, Babel, AXA Digital) that never fully healed.

INSIGHT

Bitcoin Rallies Can Worsen BTC-Denominated Liabilities

Many crypto lenders still carry liabilities created in 2022, so rising BTC prices can actually increase the fiat value of those BTC-denominated liabilities.
That duration and locked-up capital (e.g., Singapore claims) make firms fragile to liquidity shocks despite asset appreciation.

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Kraken shelves its IPO as market conditions shift. Francis Corvino joins to break down the Blockfills bankruptcy and the $145M in claims. Plus, the SEC's new token guidance, Circle’s stock surge, and a sophisticated North Korean hack targeting Bitrefill and Jimmy Song.

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Francis Corvino, of Lygos Finance joins us to talk about the Blockfills bankruptcy filing, their $145M in unsecured claims, and why the 2022 "hangover" is still claiming victims today. We also dive into Kraken’s decision to delay its public offering, the SEC’s long-awaited guidance on token offerings, and the meteoric rise of Circle’s stock following Clarity Act talks. Finally, we warn you about the sophisticated Lazarus Group phishing campaign that hit Bitrefill and targeted seasoned developers.

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Notes:

* Kraken delayed IPO due to market conditions.

* Blockfills: $145M in unsecured claims reported.

* Lazarus Group hack targeted Bitrefill via Telegram.

Timestamps:

00:00 Start

03:33 Kraken IPO delay

12:06 Lygos Finance on Bitfills

26:09 SEC clarity on crypto assets

34:59 Vanity Fair hit piece

47:44 Ledn & the Bitcoin loan market

1:02:42 Cathedra on HPC & mining

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