Hassan Maishera
TL;DR
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Payward, the parent company of Kraken, has reportedly postponed its initial public offering until at least the second quarter of 2027.
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The company previously paused its listing plans in March amid difficult crypto market conditions.
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Payward confidentially filed a draft registration statement with the SEC in November 2025.
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The company raised $800 million at a $20 billion valuation before filing for the proposed IPO.
Payward, the parent company of U.S. crypto exchange Kraken, has reportedly postponed its planned initial public offering until next year.
The Wyoming-based company does not intend to go public before the second quarter of 2027, according to two people familiar with the matter. The sources requested anonymity because the information remains private.
A Kraken representative declined to comment on the reported delay.
Payward Extends Wait for Public-Market Debut
The decision further delays one of the crypto industry’s most anticipated stock market listings.
Cryptowisser reported in March that Payward had placed its multibillion-dollar IPO plans on hold as weak market conditions affected crypto prices, trading activity and company valuations.
Sources said at the time that Payward remained interested in becoming a publicly traded company but was unlikely to proceed until market conditions improved.
The reported 2027 timeline indicates that the company expects the current environment to remain unfavorable for a major crypto listing in the near term.
Payward’s delay reflects a broader decline in enthusiasm for crypto-related public offerings.
The industry entered 2026 expecting a wave of listings following the successful 2025 debuts of stablecoin issuer Circle and Bullish, the owner of CoinDesk.
However, weaker cryptocurrency prices and lower trading volumes have reduced investor appetite. Poor post-listing performance from some newly public digital-asset companies has also made potential issuers more cautious.
Several major crypto businesses have postponed their IPO plans, including:
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Asset manager Grayscale
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Ethereum software company Consensys
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Hardware wallet manufacturer Ledger
These delays suggest companies are waiting for stronger valuations and more favorable demand from public-market investors.
Payward Filed Confidential IPO Documents in 2025
Payward confidentially submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission in November 2025.
The filing covered a potential offering of the company’s common stock but did not determine when or whether the transaction would proceed.
It followed an $800 million funding round that valued Payward at $20 billion. Citadel Securities contributed $200 million to the round.
The private financing gave Payward additional capital to expand its operations without immediately entering the public markets.
Despite delaying its IPO, Payward continues to report growth across several business metrics.
The company generated $508 million in adjusted revenue during the second quarter of 2026, an increase of 17% from the same period a year earlier.
Funded accounts increased 42% to 6.6 million, while assets held on the platform reached $40 billion.
These results could strengthen Payward’s position if it eventually returns to the public market under more favorable conditions.
Acquisitions Expand Payward Beyond Crypto Trading
Payward has continued investing in new products and acquisitions since placing its IPO plans on hold.
The company completed its acquisition of regulated derivatives venue Bitnomial in May. The transaction expanded Payward’s exposure to traditional and crypto derivatives in the United States.
In July, Payward completed its purchase of stablecoin payments platform Reap. The company subsequently agreed to acquire Magic Labs’ wallet infrastructure business, giving it additional capabilities in embedded wallets and business-to-business services.
The acquisitions form part of Payward’s effort to transform Kraken from a cryptocurrency exchange into a diversified financial services platform.
Payward was seeking additional capital at a $20 billion valuation to support its acquisition strategy.
Delaying the IPO could give the company more time to integrate those businesses, diversify revenue and strengthen its financial profile before approaching public investors.
