Kraken parent Payward pushed its IPO to Q2 2027, per CoinDesk, despite record revenue of $508M and a new LSE partnership on tokenized shares.
Payward, the parent company of crypto exchange Kraken, has delayed its planned initial public offering to the second quarter of 2027 at the earliest, according to a CoinDesk report.
The latest timeline extends a pause that began in March 2026. Payward had confidentially submitted a draft S-1 to the U.S. Securities and Exchange Commission in November 2025, shortly after raising $800 million at a $20 billion valuation. The company then put the process on hold as cryptocurrency market conditions weakened. Kraken has not publicly confirmed the new date.
Financial results show the business continued to grow through the delay. For the second quarter of 2026, Payward reported $508 million in adjusted revenue, up 17% from the same period a year earlier. Adjusted EBITDA was $23 million for the quarter. The company also reported a record 6.6 million funded accounts and about $40 billion in assets on its platform.
Payward has expanded beyond its core exchange business. During 2026 it completed acquisitions of derivatives platform Bitnomial and stablecoin payments company Reap. The parent is also pushing into tokenized assets.
On September 1, London Stock Exchange Group announced a partnership with Payward to explore tokenized UK-listed shares. The products would be offered through LSE 24, a new trading venue planned for the first half of 2027, subject to regulatory approval. The arrangement touches on the same structural questions that arise when a synthetic tokenized stock is compared with direct equity ownership, as noted in an earlier analysis of RIVNon vs RIVN.
The CoinDesk report said the IPO could proceed in the second quarter of 2027 if market conditions improve and the regulatory process advances. Payward has not set a confirmed date beyond that target.
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