Payward doesn’t plan to take Kraken public earlier than the second quarter of 2027, CoinDesk reported yesterday (Wednesday), citing two folks aware of the matter. The corporate has a confidential draft registration assertion below assessment by the U.S. Securities and Alternate Fee (SEC).
Q2 is the primary named decrease certain for a course of that had already drifted into subsequent 12 months. FinanceMagnates.com reported in Might that the potential itemizing was shifting towards 2027. No quarter was recognized.
A Kraken consultant declined to remark to CoinDesk. The confidential submitting additionally leaves buyers 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 stated then that it had not decided the variety of shares or the worth vary. Any providing would observe the SEC’s assessment 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 stated the corporate stays all in favour of a list, 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 energetic. 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 doubtless debut into 2027, reversing the transient return to a extra rapid timetable.
The Q2 2027 date is an earliest attainable interval, not a dedication to listing throughout that quarter. Payward has not publicly disclosed an trade, ticker, share rely or goal value 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% 12 months over 12 months, whereas complete 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% 12 months over 12 months to six.6 million, and buyer belongings stood at $40 billion, in accordance with Payward’s outcomes.
Payward has saved spending on companies exterior Kraken’s core spot trade. 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. Additionally they go away potential buyers ready for a public submitting that exhibits how the acquired companies have an effect on its consolidated funds.
Crypto IPO Candidates Face a Combined Market
Payward isn’t 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 turned 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 stated it withdrew the confidential submission. Its November announcement acknowledged solely that an IPO would proceed after the SEC assessment, topic to market and different situations, with the dimensions and value vary nonetheless undetermined.
This text was written by Damian Chmiel at www.financemagnates.com.
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