Kraken parent company postpones IPO until 2027

The parent company of crypto exchange Kraken, Payward, is postponing its stock market debut once again. The listing will now take place no earlier than the second quarter of 2027, according to two insiders speaking to CoinDesk. The IPO had previously been put on hold due to difficult market conditions that pressured crypto prices, trading volumes and valuations.

In brief:

• Payward is shifting the planned IPO to at least the second quarter of 2027.
• The company confidentially filed an S-1 registration document with the SEC in November 2025, but subsequently suspended its plans.
• Shortly before the filing, Payward raised $800 million at a valuation of $20 billion.

S-1 filed, IPO still postponed

Payward confidentially submitted a draft S-1 registration statement to the US SEC in November 2025. Shortly afterwards, the company decided to freeze the plans because market conditions in the crypto sector deteriorated, which had a negative impact on the listing value.

Just before that filing, Payward had raised $800 million, putting the company at a valuation of $20 billion. Of that amount, $200 million came from Citadel Securities.

Strong figures, but IPO waits

Despite the delayed listing, Payward is showing solid financial results. In the second quarter, adjusted revenue came to $508 million, an increase of 17% from a year earlier. The number of funded accounts grew by 42% to 6.6 million, and total assets on the platform stand at $40 billion.

The timing of any potential IPO depends largely on how market conditions develop in the coming months. For now, Payward is choosing to wait for a more favourable moment.