Kraken parent Payward is not planning an IPO until 2027, with the second quarter the earliest it could pursue a public listing, CoinDesk reported. The decision prolongs the company’s IPO timeline as a cooling market for crypto stocks makes investors more selective about new offerings.
Payward first put its IPO plans on hold in March after declining crypto prices, trading volumes and valuations made the market less attractive. The company confidentially submitted a draft S-1 to the SEC in November 2025, shortly after raising $800 million at a $20 billion valuation.
The postponement reflects a pullback in crypto IPO ambitions. Expectations for a wave of listings rose after Circle and Bullish went public, but weaker market conditions and disappointing performance from some newly listed digital-asset companies have since cooled investor demand. Grayscale, Consensys and Ledger are among the firms that have delayed their own offerings.
Despite the IPO delay, Payward has continued to broaden Kraken’s business. Adjusted revenue climbed 17% year-over-year to $508 million in the second quarter, while funded accounts rose 42% and platform assets reached $40 billion.
Kraken acquired Bitnomial and Reap and agreed to buy Magic Labs’ wallet infrastructure business, adding derivatives, payments and wallet capabilities as it seeks to build a broader financial services platform.
