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Kraken Parent Company Payward Delays IPO

Payward, the parent company of U.S. cryptocurrency exchange Kraken, has again delayed its initial public offering (IPO).

The Wyoming-based company said it will not go public until the second quarter of 2027, at the earliest. It is the second time that Payward has put off its highly anticipated IPO.

The Kraken parent company announced in March of this year that it was delaying its IPO, citing difficult market conditions and declining cryptocurrency prices.

The latest delay comes after a big rally in crypto prices during August, with Bitcoin’s (CRYPTO: $BTC) price having risen nearly 25% in the month.

However, equity markets remain volatile heading into September as bond yields and crude oil prices rise with the U.S. and Iran fighting in the Middle East.

Also, crypto firms that have gone public over the past year have not fared well in the public market.

Rival cryptocurrency exchange Gemini (NASDAQ: $GEMI) has seen its stock decline 87% since it went public in September 2025.

Kraken parent Payward is not the only crypto company to postpone its IPO plans.

Grayscale, Ethereum software developer Consensys, and hardware wallet maker Ledger have each delayed their market debuts.

Payward confidentially filed with the U.S. Securities and Exchange Commission (SEC) to go public in November 2025 shortly after Bitcoin’s price hit an all-time high of $126,000 U.S.

Payward most recently raised $800 million U.S. from investors at a $20 billion U.S. valuation.

The company reported revenue of $508 million U.S. for the year’s second quarter, up 17% from a year earlier. Funded accounts on the Kraken exchange rose 42% to 6.6 million.