The Kraken IPO has reportedly been postponed until at least the second quarter of 2027. A Wednesday report cited two people familiar with the matter. It linked the new timeline to weak market conditions that disrupted Payward’s previous listing schedule.
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.
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 prior to the disclosure of the company’s financial statements and other information by the firm.
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Co-CEO of Kraken, Arjun Sethi, confirmed the filing during an industry conference in April. He added that the availability of capital was not the company’s top reason for filing. Instead, he noted the regulatory trust and 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 of other digital asset firms in 2026.
However, market conditions deteriorated afterward, prompting other digital firms, such as Grayscale, Consensys, and Ledger, to postpone their listing plans. Ledger was even considering the launch of a U.S. offering that could have valued the firm at around $4 billion.
Prior to filing its draft, Payward secured $800 million in two financing rounds. The deal valued the company at $20 billion. Citadel Securities invested $200 million in the form of a strategic investment in November.
The funds were aimed at advancing in the field of 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, which was an increase of 17% year over year. The number of funded accounts grew by 42% to 6.6 million, while platform assets amounted to $40 billion.
Income from asset-based transactions and other sources made up 60% of Payward’s adjusted revenues. Trading operations showed an opposing trend. Overall transaction volume of the platform decreased by 13% to $310 billion, while adjusted EBITDA decreased to $23 million.
The company’s first-quarter adjusted revenues amounted to $507 million, which is 3% year-over-year growth. The price of Bitcoin decreased by 22%, while the spot volume of the industry decreased by 38%. Daily average revenue from futures trades grew by 51%, due to NinjaTrader, Breakout, and Bitnomial.
In addition, the company reduced its staff by 150 positions in May, which amounted to 5% of its total personnel. First-quarter adjusted EBITDA was $18 million.
Where Payward Is Expanding Before a Public Listing
Payward made two acquisitions worth $1.5 billion for NinjaTrader and $550 million for Bitnomial. Bitnomial is a regulated channel for the derivatives provided to qualified U.S. customers. Its exchange works as a CFTC-registered designated contract market.
Furthermore, the firm acquired Backed Finance, which distributes Kraken’s xStocks offerings. Payward further entered into an agreement to acquire Reap Technologies for $600 million in cash and stocks. Reap delivers payment services using stablecoins.
The acquisitions have helped Payward grow its derivatives, tokenized equities, and payments operations. There is no confirmed schedule for Kraken’s IPO except for the reported second quarter 2027 timeframe.
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