Kraken Parent Payward Delays IPO Again, Pushes Listing to 2027

Kraken's parent company Payward has delayed its initial public offering (IPO) yet again, pushing back the timeline to the second quarter of 2027 at the earliest. This is the latest in a series of delays that have plagued the crypto exchange's plans for a listing on the stock market.

The decision was made due to the ongoing bear market and falling trading volumes, which have made it difficult for Payward to meet its original listing targets. In March, the company had paused its preparations for listing amid declining crypto prices and trading activity. However, in April, Co-CEO Arjun Sethi stated that the confidential filing with the SEC was still active.

Despite these setbacks, Payward's underlying business has continued to grow. Adjusted revenue climbed 17% year over year to $508 million in the second quarter, while customer assets on the platform reached $40 billion. Funded accounts grew 42% to 6.6 million during this period.

The company has also made significant investments in expanding its business beyond just the crypto exchange. In May, Payward completed its acquisition of derivatives platform Bitnomial, and in July, it bought stablecoin payments platform Reap. These moves are part of a larger strategy to turn Kraken into a full financial services platform.