Payward doesn’t plan to take Kraken public earlier than the second quarter of 2027, CoinDesk reported yesterday (Wednesday), citing two folks acquainted with the matter. The corporate has a confidential draft registration assertion below evaluation by the U.S. Securities and Change Fee (SEC).
Q2 is the primary named decrease certain for a course of that had already drifted into subsequent yr. FinanceMagnates.com reported in Might that the possible itemizing was shifting towards 2027. No quarter was recognized.
A Kraken consultant declined to remark to CoinDesk. The confidential submitting additionally leaves traders with no public prospectus or an up to date timetable from Payward itself.
From Confidential Submitting to Q2 2027
Payward submitted its draft registration assertion on November 19, 2025. The corporate had raised $800 million shortly earlier than the submitting, together with a $200 million funding from Citadel Securities at a $20 billion valuation.
The corporate mentioned then that it had not decided the variety of shares or the value vary. Any providing would observe the SEC’s evaluation and stay topic to market situations.
By March, Payward had paused its IPO preparations as crypto costs, buying and selling exercise and private-market valuations weakened. CoinDesk’s newest report mentioned the corporate stays eager about an inventory, however will wait longer for a viable window.
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Co-CEO Arjun Sethi then confirmed in April that the confidential submitting remained lively. His feedback coincided with a $200 million Deutsche Börse funding that valued Payward at $13.3 billion, 33% under the valuation hooked up to Citadel Securities’ funding in November.
A Might report shifted the seemingly debut into 2027, reversing the transient return to a extra instant timetable.
The Q2 2027 date is an earliest potential interval, not a dedication to record throughout that quarter. Payward has not publicly disclosed an change, ticker, share depend or goal worth for the providing.
Income Rose Whereas Buying and selling Quantity Fell
The longer wait follows a blended working quarter. Payward reported adjusted income of $508 million for Q2, up 17% yr over yr, whereas whole platform transaction quantity fell 13% to $310 billion.
Adjusted earnings earlier than curiosity, taxes, depreciation and amortization had been $23 million. Funded accounts rose 42% yr over yr to six.6 million, and buyer property stood at $40 billion, in line with Payward’s outcomes.
Payward has saved spending on companies outdoors Kraken’s core spot change. It accomplished the Bitnomial acquisition on Might 1, closed its buy of stablecoin funds firm Reap on July 1 and agreed later that month to purchase Magic Labs’ pockets infrastructure enterprise.
These transactions expanded Payward throughout regulated derivatives, funds and embedded wallets earlier than the general public itemizing. In addition they depart potential traders ready for a public submitting that reveals how the acquired companies have an effect on its consolidated funds.
Crypto IPO Candidates Face a Blended Market
Payward will not be the one digital-asset firm shifting its timetable. RedotPay’s deliberate U.S. providing additionally slipped towards 2027 in August because the funds firm sought regulatory approvals in its working markets.
Current listings have given non-public issuers uneven comparisons. Gemini shares had been about 90% under their IPO-day excessive by mid-August after Gemini reported a fourth consecutive quarterly loss since its September 2025 debut.
Circle and Bullish accomplished U.S. listings in 2025, whereas BitGo grew to become the primary main crypto itemizing of 2026. CoinDesk reported that Grayscale, Consensys and Ledger have additionally postponed their plans as crypto costs and buying and selling volumes weakened.
Payward has not mentioned it withdrew the confidential submission. Its November announcement acknowledged solely that an IPO would proceed after the SEC evaluation, topic to market and different situations, with the dimensions and worth vary nonetheless undetermined.
This text was written by Damian Chmiel at www.financemagnates.com.
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