Kraken Parent Payward Delays IPO Amid Weaker Crypto Market
Payward, the parent company of cryptocurrency exchange Kraken, has delayed its initial public offering (IPO) to the second quarter of 2027 at the earliest. This decision comes as weaker crypto-market conditions weigh on trading activity and valuations.
The delay is significant, given Payward's substantial operating growth. In the second quarter, the company reported adjusted revenue of $508 million, a 17% increase from the previous year. Funded accounts climbed 42% to 6.6 million, while assets held on the platform reached $40 billion.
Payward confidentially filed a draft S-1 registration statement with the U.S. Securities and Exchange Commission in November 2025. However, the company put the listing process on hold due to unfavorable market conditions.