Kraken's parent company, Payward, has reportedly pushed its initial public offering back to at least the second quarter of 2027. A Wednesday report, citing two people familiar with the matter, linked the revised timeline to weak market conditions that disrupted the company's previous listing schedule (CoinDesk).

The revised plan would extend a process that has already faced several delays. Payward paused its multibillion-dollar offering in March after falling crypto prices and lower trading activity weakened demand for new listings.

KRAKEN PARENT PAYWARD IS NOT GOING PUBLIC UNTIL Q2 2027 AT THE EARLIEST. THEY FILED CONFIDENTIALLY IN LATE 2025, THEN HIT PAUSE WHEN MARKETS GOT UGLY. GRAYSCALE, CONSENSYS AND LEDGER ALSO PUSHED THEIR LISTING PLANS BACK. pic.twitter.com/KRQil2lbuh — Crypto News Hunters 🎯 (@CryptoNewsHntrs) September 3, 2026

Reuters said it could not independently confirm the updated schedule. Any offering remains subject to SEC review, market conditions, and Payward's final decision.

Why Payward Reportedly Delayed the Kraken IPO

Payward filed a confidential draft Form S-1 with the U.S. Securities and Exchange Commission in November 2025. A confidential filing gives the SEC the opportunity to review the document before the company discloses its financial statements and other information. This review pathway, established under the JOBS Act, is commonly used by companies that want to work through regulator comments privately before committing to a public timeline — though it does not obligate the filer to proceed with an offering.

Kraken co-CEO Arjun Sethi confirmed the filing during an industry conference in April, adding that the availability of capital was not the company's primary reason for filing. Instead, he pointed to regulatory trust and the future intentions of the business.

Following successful public offerings by Circle Internet Group and Bullish in 2025, the Kraken IPO was seen gaining traction, setting high expectations for further U.S. listings by digital asset firms in 2026. Market conditions deteriorated afterward, however, prompting other digital asset companies — including Grayscale, Consensys, and Ledger — to postpone their listing plans. Ledger had been considering a U.S. offering that could have valued the firm at around $4 billion. The pattern illustrates how tightly crypto-sector listing windows have historically tracked asset prices and trading volumes, which drive exchange revenues.

Prior to filing its draft, Payward secured $800 million across two financing rounds at a $20 billion valuation. Citadel Securities invested $200 million as a strategic investment in November. The funds were aimed at advancing the company's work in regulated derivatives, tokenized financial instruments, and global markets.

How Payward Performed During the IPO Delay

Payward's reported second-quarter adjusted revenues amounted to $508 million, an increase of 17% year over year. Funded accounts grew 42% to 6.6 million, while platform assets reached $40 billion. Income from asset-based transactions and other sources made up 60% of adjusted revenues.

Trading operations showed an opposing trend. Overall platform transaction volume fell 13% to $310 billion, while adjusted EBITDA declined to $23 million. The growing share of asset-based and non-trading income is a shift other exchanges have also pursued, as it can reduce dependence on volatile trading fees.

In the first quarter, adjusted revenues amounted to $507 million, a 3% year-over-year increase, even as the price of Bitcoin decreased 22% and industry spot volume dropped 38%. Daily average revenue from futures trades grew 51%, driven by NinjaTrader, Breakout, and Bitnomial. First-quarter adjusted EBITDA was $18 million.

The company also reduced its staff by 150 positions in May, amounting to 5% of its total personnel.

Where Payward Is Expanding Before a Public Listing

Payward completed two major acquisitions: NinjaTrader for $1.5 billion and Bitnomial for $550 million. Bitnomial provides a regulated channel for derivatives offered to qualified U.S. customers, and its exchange operates as a CFTC-registered designated contract market.

The firm also acquired Backed Finance, which distributes Kraken's xStocks offerings, and entered into an agreement to acquire Reap Technologies for $600 million in cash and stock. Reap delivers payment services using stablecoins.

These acquisitions have helped Payward expand its derivatives, tokenized equities, and payments operations — areas the company had flagged as targets for its earlier capital raises. Beyond the reported second-quarter 2027 timeframe, there is no confirmed schedule for Kraken's IPO.