Kraken Delays IPO Until Mid-2027 Amid Unfavorable Market Conditions

Kraken, the cryptocurrency exchange, has delayed its planned IPO until at least mid-2027 due to unfavorable market conditions. The company's parent, Payward, had previously confidentially submitted a draft Form S-1 registration statement to the SEC in November 2025 and was preparing for a listing as recently as April.

However, falling cryptocurrency prices, weaker trading activity, and declining investor interest in newly listed crypto stocks led the company to pause the process in March. The IPO will ultimately depend on market conditions and SEC approval.

The expected share price, ticker, exchange, or size of the offering have not yet been disclosed. Payward's valuation reaches $20 billion after raising $800 million in two funding rounds shortly before filing its IPO documents. Citadel Securities contributed $200 million to this deal.

Other crypto companies that went public in 2025 are giving Kraken little reason to rush into an IPO. eToro shares are now trading at around $32 compared with an IPO price of $52, Gemini is slightly above $4 versus $28 at listing, while Bullish is trading at around $33 compared with its $37 IPO price. Circle remains the main exception.