Payward Delays Kraken IPO Again Amid Crypto Market Headwinds

Payward, the parent company of cryptocurrency exchange Kraken, has delayed its initial public offering (IPO) until at least the second quarter of 2027. This marks the second time this year that Payward has postponed its IPO plans, citing unfavorable crypto market dynamics and diminished trading activity as primary factors influencing the decision.

The company had initially submitted a confidential draft S-1 registration with the SEC in November 2025, following an $800 million funding round at a $20 billion valuation. Despite this growth, Payward's adjusted revenue climbed only 17% annually to $508 million in its second quarter results, while platform transaction volume decreased 13% year-over-year.

Prior to the IPO delay, Payward had pursued aggressive expansion through strategic acquisitions, including the purchase of NinjaTrader and Reap Technologies. The company has also reached an agreement to acquire Magic Labs' wallet infrastructure operations.