Kraken Owner Postpones IPO, CFTC Battles CME Over Perpetual Contracts
Payward, the owner of cryptocurrency exchange Kraken, has postponed its initial public offering (IPO) until at least the second quarter of 2027. The company had initially confidentially filed a draft S-1 form with the US Securities and Exchange Commission in November 2025 but halted preparations due to market conditions.
The decision was made after falling cryptocurrency prices led to lower trading volumes and reduced valuations for sector companies, making it an unfavorable time for an IPO. Payward had previously raised $800 million at a valuation of $20 billion, which included $200 million from Citadel Securities.
In other news, the Commodity Futures Trading Commission (CFTC) has asked a federal court to dismiss CME's lawsuit over perpetual cryptocurrency contracts. The regulator argues that CME lacks sufficient grounds for a lawsuit and notes that competitors can still offer similar instruments even if perpetual contracts are recognized as swaps rather than futures.
Kalshi, a prediction markets platform valued at $22 billion, plans to request CFTC approval next week to launch the first perpetual WTI oil futures contract in the US. The contract will be available for trading 24/7, five days a week.