TLDR
- Kraken’s parent company Payward has delayed its IPO to at least Q2 2027
- Payward confidentially filed a draft S-1 with the SEC in November 2025
- The company raised $800 million at a $20 billion valuation before filing
- Q2 adjusted revenue rose 17% year-over-year to $508 million despite lower trading volume
- Several other crypto firms including Grayscale and Ledger have also postponed listing plans
Kraken’s parent company Payward has pushed its planned initial public offering to the second quarter of 2027 at the earliest. Two people familiar with the matter confirmed the delay, though both spoke anonymously as the plans are private.
CoinDesk: Kraken Parent Payward Delays IPO to Q2 2027 at the Earliest
Kraken parent Payward has delayed its IPO to the second quarter of 2027 at the earliest, citing two people familiar with the matter. Payward confidentially filed a draft S-1 registration statement with the SEC… pic.twitter.com/qeEJS1aBOn
— Wu Blockchain (@WuBlockchain) September 2, 2026
The company had already paused its IPO earlier this year. In March, Payward put the listing on hold as weaker crypto prices and lower trading volumes made the timing less attractive.
A Crowded Queue of Delayed Crypto IPOs
Payward is not alone. Several crypto companies that had been preparing for public listings have stepped back. Grayscale, Consensys, and Ledger have all postponed their plans.
Ledger had hired Goldman Sachs, Jefferies, and Barclays as advisers for a potential listing valued at around $4 billion, but had not yet filed a draft registration. The company paused those preparations as market conditions worsened.
BitGo, one of the few crypto-native companies to list in 2026, was trading 36% below its January IPO price. That performance made other private companies more cautious about their own timing.
The wave of crypto IPOs that many expected in 2026 largely did not happen. Circle and Bullish completed listings in 2025, raising hopes for more to follow, but falling prices and weak aftermarket performance cooled investor appetite.
Payward’s Finances and Expansion
Payward reported Q2 adjusted revenue of $508 million, up 17% from a year earlier. Funded accounts grew 42% to 6.6 million, and assets on the platform reached $40 billion.
However, total platform transaction volume dropped 13% year-over-year to $310 billion. Adjusted EBITDA fell to $23 million as the company spent on acquisitions and infrastructure.
Payward has been actively expanding while its IPO remains on hold. It acquired NinjaTrader, a retail futures platform, for $1.5 billion in 2025. It also bought Bitnomial, a CFTC-regulated derivatives exchange, for $550 million.
In July, Payward closed its purchase of Reap Technologies, a Hong Kong-based stablecoin payments company, for $600 million. It has also agreed to acquire Magic Labs’ wallet infrastructure business.
The company acquired Backed Finance, the issuer behind Kraken’s xStocks products, giving it more control over tokenized stock infrastructure.
Before filing its draft S-1 in November 2025, Payward raised $800 million at a $20 billion valuation. Citadel Securities contributed $200 million of that total.
Kraken co-CEO Arjun Sethi confirmed the confidential SEC filing at an industry conference in April. He said access to public capital was not the main reason for pursuing a listing.
Any IPO in Q2 2027 would still depend on SEC review, market conditions, and a final decision from Payward to proceed.
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