Kraken Parent Company Delays IPO Until 2027 Amid Market Volatility

Payward Inc., the parent company of crypto exchange Kraken, has put off its plans to go public until at least the second quarter of 2027. The company filed a confidential S-1 registration statement with the SEC in November 2025 but paused its initial public offering (IPO) plans in March 2026 due to adverse market conditions and softer trading volumes.

In August, Payward reported adjusted revenue of $508 million for the second quarter of 2026, a 17% year-over-year increase. However, adjusted EBITDA plummeted to $23 million, a 71% decline from the previous year. Despite this, funded accounts reached an all-time high.

The company laid off around 150 employees in May 2026 as part of its cost discipline and efficiency gains driven by AI implementation. Co-CEO Arjun Sethi stated that Payward was 'about 80% ready' for an IPO but would revisit public listing plans when conditions improve.