Kraken Delays IPO as It Expands Role in Tokenizing Traditional Stocks
Kraken, through its parent company Payward, is playing a central role in tokenizing traditional stocks for major exchanges like the London Stock Exchange and Nasdaq. The initiative involves creating xStocks—tokens backed by real shares—which are expected to be traded on platforms such as LSE 24 once approved. Deutsche Börse has also invested $200 million, signaling growing institutional interest in blockchain-based trading infrastructure. Despite these developments, Payward is delaying its own IPO, which was initially planned for late 2026 but now targets early 2027 at the earliest. The company paused its registration process earlier this year amid a challenging market environment and declining performance metrics such as adjusted EBITDA and platform volume. The delay reflects strategic caution in light of volatile trading conditions, while Payward continues to expand through acquisitions like Bitnomial, aiming to build out regulated derivatives infrastructure for U.S. markets before pursuing public listing.
Tickers: $NDAQ
Topics: blockchain exchange partnerships IPO delay tokenization