Kraken parent Payward delays IPO to second quarter of 2027 at earliest
Payward pushes IPO to 2027
Payward, the parent company of crypto exchange Kraken, has delayed its initial public offering (IPO) to the second quarter of 2027 at the earliest, according to two people familiar with the matter.
One of the people, who spoke on condition of anonymity, said the Wyoming-based company is not planning to go public before that time.
Why the delay?
The delay extends an already lengthy wait for one of the crypto industry's most closely watched public-market debuts. CoinDesk reported in March that Payward had put its IPO plans on hold due to difficult market conditions, which weighed on crypto prices, trading volumes, and valuations.
At the time, sources said the company remained interested in going public but was unlikely to proceed until conditions improved.
Market context
The delay is another sign of the cooling market for crypto IPOs. In 2026, the industry expected a wave of public listings after the successful debuts of Circle and Bullish last year, but weaker crypto prices and trading volumes, along with poor aftermarket performance from some newly listed digital-asset companies, have dampened investor appetite.
Other firms, including Grayscale, Consensys, and Ledger, have also postponed their IPO plans.
Company growth continues
Despite the delay, Payward has continued to expand beyond its core crypto exchange business, adding traditional and crypto derivatives, tokenized equities, and payments infrastructure through acquisitions and product launches.
The company reported adjusted revenue of $508 million for the second quarter, up 17% from a year earlier. Funded accounts rose 42% to 6.6 million, and assets on the platform stood at $40 billion.
Payward completed its purchase of derivatives venue Bitnomial in May, closed its acquisition of stablecoin payments platform Reap in July, and agreed to acquire Magic Labs' wallet infrastructure business.
What is confirmed
Confirmed facts include:
- Payward confidentially filed a draft registration statement with the U.S. Securities and Exchange Commission (SEC) in November 2025.
- The company raised $800 million at a $20 billion valuation, including a $200 million investment from Citadel Securities.
- Adjusted revenue for Q2 2026 was $508 million, up 17% year-over-year.
- Funded accounts rose to 6.6 million, and assets on the platform reached $40 billion.
What is still unclear
The reported new IPO timeline is based on anonymous sources, and a Kraken representative declined to comment. The exact reasons for the delay, beyond difficult market conditions, are not fully disclosed.
