Payward, the parent company of crypto exchange Kraken, has pushed back its initial public offering (IPO) plans to the second quarter of 2027 at the earliest. The revised timeline shifts from earlier plans due to weakening crypto asset prices and sluggish trading volumes. The performance of newly listed crypto companies has also been a major obstacle; shares of BitGo, which listed in January 2026, are now trading 36% below their IPO price.
The delay comes even though Payward commands a $20 billion valuation. The company completed an $800 million pre-IPO funding round across two tranches, including a $200 million capital injection from Citadel Securities. It confidentially submitted a draft Form S-1 registration statement to the US Securities and Exchange Commission (SEC) in November 2025. To date, there is no clarity regarding its share price, ticker symbol, or target exchange.
Volumes Fall, Spending Continues
In the second quarter of 2026, Payward’s adjusted revenue rose 17% year-over-year to $508 million. The number of funded accounts jumped 42% to 6.6 million, while platform assets reached $40 billion.
Revenue growth clashed with shrinking transaction activity. Total trading volume on the platform fell 13% year-over-year to $310 billion, weighing on adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) down to $23 million. Operational cost pressures led to the layoff of 150 employees, or 5% of total staff, in May 2026.
The headcount reduction coincided with the company’s active acquisitions of other entities. Payward acquired NinjaTrader for $1.5 billion and Bitnomial for $550 million. It also took over Breakout as well as Backed Finance, the issuer of xStocks tokens.
Regulatory Drivers and the Mass Delay Trend
Kraken Co-CEO Arjun Sethi stated that access to public capital is not the primary driver for the company’s IPO. A public listing is aimed more at building regulatory trust and supporting long-term plans. The rollout execution remains contingent on SEC approval and improving market conditions.
Kraken is not the only name in the crypto industry tapping the brakes on going public. Grayscale, Consensys, and Ledger have also delayed their IPO plans. Ledger was even marketed at a $4 billion valuation without ever submitting an S-1 filing. This pattern of delays highlights that high private valuations do not guarantee a smooth path to public markets when investor appetite cools. Source: crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
