Kraken Parent Payward Pushes Back IPO to Q2 2027 Amid Market Uncertainty
Payward, the parent company of Kraken, has pushed back its planned initial public offering (IPO) to the second quarter of 2027 at the earliest. This move comes after a confidential filing with the US Securities and Exchange Commission in November 2025.
The delay is attributed to market conditions, which have deteriorated since Payward's initial entry into the IPO process following a strong period for crypto-related public listings. Weaker cryptocurrency prices and trading activity reduced investor appetite for new digital-asset listings, causing the company to pause its IPO preparations in March.
Payward's operating performance presents a mixed picture, with adjusted revenue reaching $508 million in the second quarter, increasing 17% year over year. Funded accounts climbed 42% to 6.6 million, while assets on the platform stood at approximately $40 billion. However, transaction activity weakened, with total platform transaction volume falling 13% year over year to $310 billion.
The longer IPO timetable gives Payward additional time to demonstrate that its business can become less dependent on crypto spot-market cycles. The company has expanded aggressively through acquisitions, and its portfolio now spans Kraken, NinjaTrader, Breakout, xStocks, and regulated US derivatives capabilities.