Payward Inc., the parent company of Kraken, has put its initial public offering on hold after confidentially filing with the U.S. Securities and Exchange Commission in November. The pause came after crypto markets weakened following Bitcoin’s record high in October, cutting into valuations and cooling demand for new listings.
People familiar with the matter said the company intends to restart the process once market conditions improve. Payward submitted a draft S-1 on Nov. 19 for a proposed stock offering, but the plan has since been suspended as trading activity declined and sector pricing came under pressure. A Kraken spokesperson confirmed the filing and declined to comment further.
Post-October market pullback cooled listing demand
The company’s decision reflects a wider shift across the crypto sector. Since October, weaker asset prices and lower trading volumes have reduced investor appetite for fresh public offerings. That change has made it harder for private crypto firms to pursue listings at levels they would consider attractive.
Payward had previously raised $800 million at a $20 billion valuation. That round included a $200 million investment from Citadel Securities. Still, private fundraising marks do not guarantee similar reception in public markets, especially during a period of uneven trading and weaker sentiment.
2025 IPO boom gave way to a slower 2026
Data cited in the report shows that at least 11 crypto IPOs raised $14.6 billion in 2025, up sharply from $310 million in 2024. The pace has slowed in 2026. So far, BitGo is the only digital asset company to list this year, and its stock has dropped 44% in volatile market conditions.
While Payward has stepped back for now, some companies are still moving ahead. Securitize said it continues to target a public listing after receiving regulatory approval. Founder Carlos Domingo said the company raised $225 million through a PIPE linked to a SPAC merger, and added that interest in tokenization has remained steady.
IPO candidates face closer focus on compliance and revenue
Legal expert Laura Katherine Mann said future crypto IPO candidates are likely to put greater emphasis on compliance and stable revenue. In the current market, those factors are taking on more weight as investors become more selective.
Separately, Kraken also made internal changes earlier this year. According to people familiar with the matter, the company dismissed chief financial officer Stephanie Lemmerman.