Kraken Parent Reportedly Delays IPO to Q2 2027

Payward, the parent company of cryptocurrency exchange Kraken, has reportedly postponed its planned initial public offering until at least the second quarter of 2027. This latest delay extends a process that has faced numerous postponements over several years, attributed primarily to challenging market conditions. The company submitted a confidential draft registration statement to the U.S. Securities and Exchange Commission in November 2025, a step intended to allow for regulatory review before public disclosure. Payward had previously raised $800 million in financing at a valuation of $20 billion shortly before this filing. However, market conditions deteriorated, leading Payward to pause its IPO preparations in March 2026 amid falling cryptocurrency prices and reduced trading activity. Co-CEO Arjun Sethi confirmed the confidential filing in April 2026, stating the company was approximately 80% ready for an IPO and emphasizing regulatory trust and long-term plans as key motivations for pursuing a listing. Despite these preparations, reports citing individuals familiar with the matter indicate the offering is now unlikely to proceed before the second quarter of 2027.