Payward, the parent company of crypto exchange Kraken, has pushed its initial public offering to the second quarter of 2027 at the earliest, extending a delay that began in March when the company shelved its multibillion-dollar listing plans entirely.
Two people familiar with the matter confirmed the revised timeline to CoinDesk on September 2, speaking on condition of anonymity because the decision has not been made public. The Wyoming-based company confidentially filed a draft S-1 registration statement with the SEC in November 2025 and had been preparing for a U.S. listing when difficult market conditions forced a pause earlier this year.
Bitcoin traded near $77,000 at the time of the report, well below the highs seen earlier in 2026. Thin trading volumes and compressed valuations for digital-asset stocks have made it harder for crypto companies to attract the kind of investor demand needed for a successful public debut. The broader macro environment, including Iran conflict-driven oil price spikes and Fed rate-hike speculation, has further dampened appetite for risk assets across both crypto and traditional equity markets.
What happened in March
CoinDesk reported in March that Payward had put its IPO plans on hold as weak crypto prices, declining volumes, and lower valuations weighed on market appetite for new digital-asset listings. The company had been in discussions with underwriters and was targeting a listing that would have valued it in the multibillion-dollar range, consistent with its private-market valuation.
The March pause came during a broader pullback in crypto market sentiment. Bitcoin had fallen from above $100,000 earlier in the year, and several other crypto companies that had been considering public listings quietly shelved their plans. The environment for IPOs in the digital-asset space has remained challenging through the summer, with September bringing additional uncertainty from geopolitical tensions and monetary policy shifts.
Financial picture
Despite the IPO delay, Payward reported $508 million in adjusted revenue for the second quarter of 2026, up 17% year over year. The company also raised $800 million in a private funding round at a $20 billion valuation, with Citadel Securities contributing $200 million of that total. The private raise suggests that institutional investors remain willing to back Kraken at significant valuations even as the public markets remain inhospitable for crypto listings.
The gap between private and public market pricing has widened for crypto companies. Coinbase, the largest U.S. crypto exchange, trades at a fraction of the multiples it commanded during the 2021 bull market. Smaller crypto-adjacent companies that went public through SPACs or direct listings have fared even worse, with many trading below their reference prices or delisting entirely from major exchanges.
For Payward, the calculus is straightforward: wait for a market window where public investors will price the company at or near its private valuation. Going public at a discount to the $20 billion private round would be a difficult sell to existing shareholders, particularly Citadel Securities and the other investors who participated in the raise. A down-round IPO would also set a poor precedent for other crypto companies considering their own listings in 2027.
Broader IPO landscape
Kraken delay is not unique. The crypto IPO pipeline has slowed considerably in 2026, with several high-profile candidates pushing back their timelines. The combination of regulatory uncertainty, volatile crypto prices, and a generally cautious IPO market has made it difficult for digital-asset companies to find favorable listing conditions.
The SEC proposed Regulation Crypto Assets on the same day Payward delay was reported, which would create new exemptions for crypto firms to raise capital through registered offerings. If finalized, the rule could provide an alternative path for companies like Payward that want to access public capital markets without a traditional IPO. The regulation would allow firms to raise between $5 million and $75 million through simplified registration processes.
Any Payward offering in Q2 2027 would still depend on SEC review of its S-1 filing, market conditions at the time, and a final decision by the company to proceed. The timeline remains aspirational rather than committed, according to the sources who spoke to CoinDesk. A lot can change in nine months, and the crypto market has shown it can move quickly in both directions.
What it means for Kraken going forward
Payward has not responded to requests for comment on the revised timeline. The company continues to operate Kraken, which remains one of the largest crypto exchanges by trading volume, serving retail and institutional clients across multiple jurisdictions. Kraken has expanded its product offerings in 2026, adding regulated futures trading and expanding its staking services to cover more digital assets.
The exchange also acquired Magic Labs wallet business in July 2026, signaling continued investment in infrastructure even as the IPO timeline stretches further out. The acquisition gave Kraken a custodial wallet platform used by several institutional clients, strengthening its position in the institutional custody market where competition from Coinbase and BitGo remains intense.
For investors watching the crypto IPO space, the Payward delay is a signal that the window for public listings remains firmly closed. The company has the financial performance to support a listing, with growing revenue and strong institutional backing. What it lacks is the market conditions to justify the valuation its private investors expect. Until crypto prices stabilize and investor appetite for digital-asset stocks recovers, Payward is likely to remain on the sidelines, building the business while waiting for better days ahead.
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