Kraken’s Parent Company Payward Pushes IPO Timeline to 2027

Payward, the parent company behind crypto exchange Kraken, has pushed back its initial public offering to at least the second quarter of 2027, according to people familiar with the situation. The Wyoming-based firm had already paused its IPO plans earlier this year as challenging market conditions weighed on crypto valuations and trading activity.

The company confidentially filed a draft registration statement with US securities regulators in November 2025, shortly after raising $800 million at a $20 billion valuation. Since then, Payward has continued expanding well beyond its exchange roots, moving into derivatives, tokenized equities and payments infrastructure through several acquisitions.

Broader Slowdown in Crypto Public Listings

Payward’s delay reflects a wider cooling trend among crypto companies eyeing public markets. Several other firms, including a major asset manager and a hardware wallet maker, have similarly postponed their listing plans this year amid weaker crypto prices and disappointing performance from recently listed digital-asset companies.

Despite the IPO delay, Payward’s business has kept growing, with the company reporting a 17% year over year rise in adjusted revenue and a sharp increase in funded user accounts, alongside a series of acquisitions aimed at transforming Kraken into a broader financial services platform.