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Payward, the parent company of crypto exchange Kraken, has pushed its potential U.S. initial public offering to the second quarter of 2027 at the earliest, citing two people familiar with the matter. The revised timeline extends a delay that began earlier in 2026 amid weaker crypto prices, trading volumes and valuations.
Kraken declined to comment on the reported new timetable. The second quarter of 2027 is therefore the earliest reported window rather than a confirmed listing date, and any offering would remain subject to regulatory review and market conditions.
Payward Filed Confidentially in November 2025
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 did not disclose the number of shares it planned to offer or an expected price range. The company subsequently put its listing plans on hold in March amid weaker market conditions. Kraken said:
“Proposed IPO was expected to occur after the SEC completed its review process, subject to market and other conditions.”
Payward Reports Higher Revenue as Crypto Spot Volumes Fall
The IPO delay comes despite Payward reporting $508 million in adjusted second-quarter revenue, up 17% from a year earlier. Funded accounts increased 42% to 6.6 million, while assets on the platform stood at $40 billion.
Adjusted EBITDA was $23 million during the quarter. Payward also reported total platform transaction volume of $310 billion, down 13% year over year, with the company saying industry-wide crypto spot volumes declined while activity in equities, tokenized equities and traditional futures increased.
Kraken Continues Expanding Before Potential Listing
Payward has continued expanding beyond Kraken’s core spot-crypto business while its IPO remains on hold. The company completed its acquisition of derivatives platform Bitnomial in May and stablecoin payments company Reap in July, while also agreeing to acquire Magic Labs’ wallet infrastructure business.
The company raised $800 million in November 2025, including a $200 million investment from Citadel Securities in a round that valued Payward at $20 billion. For now, Payward’s public-market debut remains pending, with the second quarter of 2027 reported as the earliest potential window.
