Payward, the parent company of crypto exchange Kraken, has pushed back its long-awaited initial public offering to no earlier than the second quarter of 2027, according to two people familiar with the matter. That delay stretches out a listing process that CoinDesk reported in March was already on hold because market conditions were rough.
Confidential Filing and Funding
Payward confidentially filed a draft S-1 registration statement with the U.S. Securities and Exchange Commission in November 2025. This came soon after the company raised $800 million at a $20 billion valuation, with that round including a $200 million investment from Citadel Securities.
Crypto IPO Wave Stalls
After Circle and Bullish pulled off successful listings last year, the crypto industry was expecting a wave of public offerings in 2026. But that has faded. Weak token prices, softer trading volumes, and poor showings from some recently listed digital asset companies have cooled investor enthusiasm. Grayscale, Consensys, and Ledger have also pushed back their own IPO plans.
Expansion Outside Core Exchange
Even with the IPO still on hold, Payward has kept expanding past its core exchange business through a string of acquisitions and product launches. The company has moved into traditional and crypto derivatives, tokenized stocks, and payment infrastructure. It reported adjusted second-quarter revenue of $508 million, up 17% year-over-year, alongside 6.6 million funded accounts and $40 billion in platform assets.