Payward Delays IPO Until Q2 2027
The parent company of U.S.-based cryptocurrency exchange Kraken, Payward, has delayed its initial public offering (IPO) until the second quarter of 2027. This marks the second postponement since March 2026 when it cited challenging market conditions and declining crypto prices as reasons for delaying the IPO. Despite a significant rally in cryptocurrency prices during August—Bitcoin rose nearly 25% that month—the broader equity markets remain volatile due to rising bond yields, crude oil prices, and geopolitical tensions. Publicly traded crypto firms like Gemini have struggled post-IPO, with its stock down over 87% since September 2025. Payward had filed for an IPO in November 2025 at a $20 billion valuation after raising $800 million from investors. The company reported second-quarter revenue of $508 million and saw funded accounts on Kraken increase by 42% to 6.6 million.
Topics: cryptocurrency exchange IPO Kraken market conditions Payward