Crypto IPOs Slow Down: Kraken’s Parent Company Postpones IPO to 2027

Kraken’s parent company Payward has postponed its IPO plan until the second quarter of 2027 at the earliest; the decision highlights a decline in the appetite of crypto companies to go public.

Kraken’s parent company Payward has pushed its IPO to a later date than previously expected. According to two anonymous sources familiar with the matter cited by CoinDesk, the company does not plan to conduct the IPO before the second quarter of 2027. A Kraken representative did not comment on the matter.

Payward’s decision comes at a time when pressure on crypto prices, trading volumes, and company valuations continues. The weak performance of some digital asset companies following their IPOs has also dampened investor interest.

Crypto companies’ IPO plans are slowing down

Similar postponements point to a broader trend in the industry. Grayscale, Ethereum software company Consensys, and hardware wallet manufacturer Ledger are among the companies that have pushed their IPO plans to a later date. This picture indicates that the IPO wave expected for crypto companies in 2026 is losing momentum.

Payward had filed a confidential S-1 draft with the U.S. Securities and Exchange Commission (SEC) in November 2025. The company recently raised $800 million at a $20 billion valuation, with Citadel Securities providing $200 million of that round.

Despite the postponement decision, Payward’s operations have continued to grow. The company’s adjusted revenue for the second quarter rose to $508 million, while the number of funded accounts increased by 42 percent year-over-year to 6.6 million. Total assets on the platform were at the $40 billion level.

Payward is also working to transform Kraken from just a crypto exchange into a broader platform that brings together trading, payments, and various financial products. In line with this strategy, the company has invested in derivative products, tokenized shares, and crypto payment infrastructure.