Payward, the parent company of crypto exchange Kraken, has postponed its planned IPO until at least the second quarter of 2027. The delay is due to unfavorable market conditions, CoinDesk reported, citing sources familiar with the matter.
According to the report, the company has already changed its listing timeline several times. In November 2025, Payward confidentially submitted a draft Form S-1 registration statement to the U.S. Securities and Exchange Commission (SEC). In April, Kraken co-CEO Arjun Sethi confirmed that the company was preparing for a listing.
However, in March, the company paused the process amid falling cryptocurrency prices, weaker trading activity, and declining investor interest in newly listed crypto stocks. The IPO will ultimately depend on market conditions and SEC approval.
Payward has not yet disclosed the expected share price, ticker, exchange, or size of the offering.
Payward valuation reaches $20 billion
Shortly before filing its IPO documents, Payward raised $800 million in two funding rounds. The deal valued the company at $20 billion, with Citadel Securities contributing $200 million.
Expectations for new crypto IPOs increased after Circle and Bullish completed successful listings in 2025. However, the subsequent deterioration in market conditions forced other companies, including Grayscale, Consensys, and Ledger, to reconsider their plans.
Ledger, for example, paused preparations for a U.S. IPO that could have valued the company at around $4 billion. BitGo’s performance provided another negative signal, with its shares trading about 36% below their January IPO price.
Other crypto IPOs give Kraken little reason to rush
Another factor behind Payward’s cautious approach may be the experience of crypto companies that went public before it. The 2025 IPO boom quickly gave way to disappointment: eToro shares are now trading at around $32 compared with an IPO price of $52, Gemini is slightly above $4 versus $28 at listing, while Bullish is trading at around $33 compared with its $37 IPO price. BitGo’s January 2026 debut was also unsuccessful, with its shares falling from about $18 at the IPO to around $7.
Circle remains the main exception. The company priced its shares at $31 in June 2025, while they are now trading at around $89, almost three times the IPO price. Figure also remains above its offering price, but Circle has become the clearest example of a successful public-market debut by a crypto company. Against this backdrop, Kraken has little reason to rush into an IPO and risk its valuation by going public at an unfavorable time.
As a reminder, Payward plans to tokenize shares of leading companies listed on the London Stock Exchange.
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