Payward Delays Kraken IPO to Q2 2027 Amid Weak Crypto Listings
Payward, parent of Kraken exchange, postpones IPO for second time in six months, citing market conditions with Bitcoin down 39 percent from October high.
What is new
Payward filed confidentially for an IPO in November 2025 and paused the process in March, citing market conditions.
The company now targets no IPO before the second quarter of 2027 at the earliest.
Market backdrop
Bitcoin trades near $77,000, down 39 percent from its October high near $126,000.
Recent crypto-linked listings provide context: BitGo trades around $6.86 after listing at $18, Bullish near $33 after an IPO near $37, Circle near $89 after a $31 IPO, and Coinbase around $175 after a 52-week high of $402.
Grayscale, Consensys, and Ledger have each pushed back their own IPO plans.
Company metrics
Payward was last valued at around $20 billion.
The company reported $508 million in adjusted revenue for the second quarter of 2026, up 17 percent year over year, alongside 6.6 million funded accounts and $40 billion in platform assets.
Remaining unknowns
The exact quarter for any eventual filing or listing remains unconfirmed.
Payward has issued no new official statement beyond the prior market-conditions rationale.