Payward Delays Kraken's IPO to 2027 Amid Market Volatility

Kraken's parent company Payward has delayed its initial public offering (IPO) to the second quarter of 2027 at the earliest. This is the second time the company has put the listing on hold, with the first delay occurring earlier this year due to weaker crypto prices and lower trading volumes.

Payward confidentially filed a draft S-1 registration statement with the SEC in November 2025, raising $800 million at a $20 billion valuation. The company's Q2 adjusted revenue rose 17% year-over-year to $508 million, despite total platform transaction volume dropping 13% to $310 billion.

Several other crypto firms have also postponed their listing plans, including Grayscale and Ledger. Payward has been actively expanding its business while its IPO remains on hold, acquiring several companies in the past year, including NinjaTrader, Bitnomial, Reap Technologies, and Backed Finance.