- Payward, Kraken’s parent company, reportedly delays its U.S. IPO to Q2 2027 at the earliest.
- Payward reports $508 million in Q2 2026 adjusted revenue, up 17% year over year.
- LSEG partners with Payward to explore tokenized UK-listed shares.
Payward, the parent company of crypto exchange Kraken, again pushed back its planned initial public offering (IPO) to the second quarter of 2027 at the earliest, according to the CoinDesk report.
The latest timeline extends the delay that began earlier this year, when Payward put its IPO plans on hold amid difficult market conditions. Kraken has not publicly confirmed the new listing date.
Payward IPO Plans Remain on Hold
Payward confidentially submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission in November 2025 as it prepared for a potential U.S. stock market listing. The filing came shortly after the company raised $800 million in funding at a $20 billion valuation.
The company later paused the IPO process in March 2026 as conditions in the cryptocurrency market weakened. The latest report indicates that Payward is now not expected to proceed with the offering before the second quarter of 2027.
The delay comes as crypto companies continue to face changes in trading activity and market valuations. Still, Payward’s financial results have continued to show growth despite the postponed listing.
For the second quarter of 2026, the company reported $508 million in adjusted revenue, an increase of 17% from the same period a year earlier. Adjusted EBITDA was $23 million for the quarter, according to the company’s financial disclosure.
Payward also reported a record 6.6 million funded accounts, while assets on its platform reached about $40 billion.
The figures come as Kraken expands beyond its traditional cryptocurrency exchange business. Payward has completed acquisitions including derivatives platform Bitnomial and stablecoin payments company Reap in 2026.
Kraken Expands Into Tokenized Assets
Payward is also developing products outside conventional crypto trading. On September 1, London Stock Exchange Group announced a partnership with Payward to explore tokenized UK-listed shares. The products are expected to be offered through LSE 24, a new trading venue planned for the first half of 2027, subject to regulatory approval.
For now, Payward’s IPO remains on hold. If the latest reported schedule holds, the company could pursue a public listing from the second quarter of 2027, depending on market conditions and the progress of its regulatory process.
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