Kraken Parent Payward Delays IPO to Mid-2027 Amid Weaker Market Conditions

Kraken's parent company, Payward, has delayed its initial public offering (IPO) to mid-2027 at the earliest. This revised timing means the company will remain private for at least another year.

The decision comes after a weak Q1 2026 trading backdrop, with lower platform transaction volume and broad declines in Bitcoin's price, total cryptocurrency market capitalization, and industry spot activity.

Payward had already taken an early formal step toward an offering by confidentially submitting a draft Form S-1 registration statement to the US Securities and Exchange Commission on November 19, 2025. The company's private valuation stands at $20 billion following an $800 million fundraising round led by Citadel Securities.