Kraken parent Payward delays IPO to Q2 2027 at the earliest, CoinDesk reports
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What happened
CoinDesk reported on 2 September 2026 that Payward, the parent company of crypto exchange Kraken, had pushed its IPO to the second quarter of 2027 at the earliest. The report, written by Will Canny, cited two people familiar with the matter, one of whom spoke anonymously as the matter is private. A Kraken representative declined to comment, so the delay was reported but not confirmed by the company.
According to CoinDesk, Payward confidentially filed a draft S-1 registration statement with the US Securities and Exchange Commission in November 2025, shortly after raising $800 million at a $20 billion valuation, including $200 million from Citadel Securities. CoinDesk had reported in March 2026 that Payward put its IPO plans on hold because of difficult market conditions. The article also cited second-quarter adjusted revenue of $508 million, up 17% year over year, 6.6 million funded accounts, up 42%, and $40 billion in assets on the platform.
Key points
- Payward is not planning to go public until Q2 2027 at the earliest, per two people cited by CoinDesk.1
- A Kraken representative declined to comment; the delay is not confirmed by the company.1
- Payward confidentially filed a draft S-1 with the SEC in November 2025, after an $800 million raise at a $20 billion valuation.1
- CoinDesk reported in March 2026 that Payward had put its IPO plans on hold because of difficult market conditions.1
- Second-quarter adjusted revenue was $508 million, up 17% year over year, with 6.6 million funded accounts.1
Why it matters
An IPO would give employees and early holders a public market for their shares. On CoinDesk's report, that route is not planned before Q2 2027, after an earlier pause in March 2026.
The $20 billion valuation from the $800 million raise that preceded the November 2025 filing is the price point CoinDesk cites. No new valuation was reported with the delay.
CoinDesk cited second-quarter adjusted revenue up 17% and funded accounts up 42%. The delay was reported alongside these operating figures, not a change in them.
In context
| Round | Date | Post-money valuation | Raised | Led by |
|---|---|---|---|---|
| Funding round | Sep 25, 2025 | $15B | $600M | DRW Venture Capital, HSG, Jane Street, Oppenheimer Alternative Investment Management, and Tribe Capital |
| Strategic investment | Nov 18, 2025 | $20B | $200M | Citadel Securities |
| Strategic investment | Sep 10, 2026 | $21B | $100M | Nasdaq Ventures |
Updated
Fact-check
- CoinDesk reported on 2 September 2026, citing two people familiar with the matter, that Payward is not planning to go public until the second quarter of 2027 at the earliest.Confirmed by [1] CoinDesk (Will Canny, 2 September 2026): it states this, citing two people familiar with the matter. The company did not confirm; a Kraken representative declined to comment.Verified
- Payward confidentially filed a draft S-1 with the SEC in November 2025.Confirmed by [1] CoinDesk: it states the confidential draft S-1 filing in November 2025.Verified
- The filing came shortly after Payward raised $800 million at a $20 billion valuation, including $200 million from Citadel Securities.Confirmed by [1] CoinDesk: it gives the $800 million raise, the $20 billion valuation and the $200 million from Citadel Securities.Verified
- Payward put its IPO plans on hold in March 2026 because of difficult market conditions.Confirmed by [1] CoinDesk: it recalls its own March 2026 report that the plans were on hold.Verified
- Second-quarter adjusted revenue was $508 million (up 17%), funded accounts 6.6 million (up 42%) and platform assets $40 billion.Confirmed by [1] CoinDesk: it cites these second-quarter figures for Payward.Verified
- A Kraken representative declined to comment.Confirmed by [1] CoinDesk: 'A representative for Kraken declined to comment.'Verified
Sources
- [1]CoinDesk (opens in a new tab)Kraken parent Payward delays IPO to second quarter of 2027 at earliestnot planning to go public until the second quarter of 2027 at the earliest
