Kraken parent Payward has pushed its planned U.S. initial public offering back to the second quarter of 2027 at the earliest, extending a listing process that began with a confidential filing nearly a year ago.
The revised timetable was reported by CoinDesk, citing two people familiar with the company’s plans. Payward has not publicly confirmed the new target, and a company representative declined to comment.
That means Q2 2027 should be viewed as the earliest potential listing window rather than a scheduled IPO date. Payward confidentially submitted a draft Form S-1 registration statement to the U.S. Securities and Exchange Commission on November 19, 2025. At the time, the company said the number of shares and proposed price range had not been determined and that an offering remained subject to SEC review and market conditions.
Crypto Market Weakness Disrupts IPO Plans
Payward initially entered the IPO process following a strong period for crypto-related public listings. The company had raised $800 million shortly before its confidential filing, including a $200 million strategic investment from Citadel Securities that valued Payward at approximately $20 billion. Market conditions subsequently deteriorated.
In March, Payward paused its IPO preparations as weaker cryptocurrency prices and trading activity reduced investor appetite for new digital-asset listings. Reuters reported at the time that the company remained interested in going public but was unlikely to proceed until conditions improved.
Recent public-market performance has added to those concerns. BitGo, which completed its NYSE IPO in January at $18 per share, has subsequently traded below $7. Other crypto companies including Grayscale, Consensys and Ledger have also reportedly postponed listing plans. Payward’s operating performance presents a more mixed picture.
Second-quarter adjusted revenue reached $508 million, increasing 17% year over year. Funded accounts climbed 42% to 6.6 million, while assets on the platform stood at approximately $40 billion.
Transaction activity, however, weakened. Total platform transaction volume fell 13% year over year to $310 billion, while adjusted EBITDA was $23 million.
Payward Builds Beyond the Kraken Exchange
The longer IPO timetable gives Payward additional time to demonstrate that its business can become less dependent on crypto spot-market cycles. Asset-based and other revenue represented 60% of adjusted revenue during the second quarter, up from 55% a year earlier. The company has also expanded aggressively through acquisitions.
Its portfolio now spans Kraken, futures platform NinjaTrader, proprietary trading platform Breakout, tokenized-equities infrastructure through xStocks and regulated U.S. derivatives capabilities. Payward completed its acquisition of Bitnomial on May 1, strengthening its Commodity Futures Trading Commission-regulated derivatives infrastructure.
It has also expanded into payments and embedded financial services, including the acquisition of stablecoin payments company Reap and an agreement to acquire Magic Labs’ wallet-infrastructure business. The strategy represents a significant evolution from Kraken’s origins as a cryptocurrency exchange.
Payward now describes itself as the common infrastructure layer supporting multiple financial products, sharing liquidity, risk, collateral, settlement and compliance systems across different businesses. Its 2025 results demonstrated that expansion. Adjusted revenue reached $2.2 billion, up 33%, while adjusted EBITDA increased 26% to $531 million. Platform transaction volume totaled $2 trillion.
The IPO delay therefore does not indicate that Payward has withdrawn its listing application. Its November filing remains confidential, and no public prospectus has established an exchange, ticker, share count or valuation for the eventual offering.
Instead, Payward appears willing to wait for a more favorable public-market environment. That could make 2027 an important test of whether investors value the company primarily as a crypto exchange exposed to trading cycles or as the broader multi-asset financial infrastructure business Payward is increasingly attempting to become.
