Payward, the parent company of crypto exchange Kraken, has pushed its initial public offering back to the second quarter of 2027 at the earliest. The delay extends a freeze the company first disclosed in March, even as its quarterly revenue climbs and it keeps acquiring smaller firms.
Payward is not planning to go public until the second quarter of 2027 at the earliest, according to two people familiar with the matter. A Kraken representative declined to comment.
The new timeline extends a wait that began when CoinDesk reported in March that Payward had put its IPO plans on hold because of difficult market conditions. At the time, people familiar with the matter said the company still wanted to go public but wouldn't proceed until conditions improved.
Revenue climbs, profit shrinks
Payward reported adjusted revenue of $508 million for the second quarter, up 17% from a year earlier, while funded accounts rose 42% to 6.6 million and assets on the platform reached $40 billion. But adjusted EBITDA cratered to $23 million, a 71% decline from the prior year. In May, the company cut approximately 150 employees, about 5% of its workforce, framing the reductions as cost discipline tied to AI-driven efficiency gains.
A shifting valuation
Payward's valuation has shifted since it confidentially filed a draft S-1 registration statement with the SEC in November 2025, shortly after raising $800 million at a $20 billion valuation, including a $200 million investment from Citadel Securities. Since then, some estimates have placed the figure closer to $13.3 billion. Co-CEO Arjun Sethi said around that period the company was "about 80% ready" for a public listing.
Acquisitions continue despite the delay
Payward has kept expanding beyond its core exchange business. It completed its purchase of derivatives venue Bitnomial in May and closed its acquisition of Reap, a stablecoin payments platform, in July. It has since agreed to acquire Magic Labs' wallet infrastructure business.
The pullback fits a broader cooling in crypto IPO appetite. After the successful debuts of Circle and Bullish last year, firms including Grayscale, Consensys and Ledger have also postponed their own listing plans.
Sources: CoinDesk, Crypto Briefing
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