Kraken parent Payward delays IPO to 2027 amid market turmoil

Payward, Kraken's parent, delayed its IPO to at least Q2 2027 due to market challenges, despite revenue growth and tokenization projects. The company paused its IPO after raising $800M at a $20B valuation.

Payward, the parent company of crypto exchange Kraken, has postponed its initial public offering (IPO) to at least the second quarter of 2027, citing challenging market conditions and reduced trading volumes. The company had filed a confidential registration with the SEC in November 2025 after raising $800 million at a $20 billion valuation, but paused its IPO plans in March 2026. Despite reporting a 17% year-over-year increase in adjusted revenue to $508 million for Q2 2026, Payward's adjusted EBITDA dropped 71% to $23 million. The company also laid off around 150 employees in May 2026 as part of cost-cutting measures. Payward continues to advance tokenization initiatives with major exchanges, including efforts to tokenize the 100 largest London-listed companies and collaborations with the London Stock Exchange and Nasdaq. The IPO delay extends the wait for one of the crypto industry's most anticipated public listings, highlighting ongoing uncertainty and mixed momentum in the sector.