Payward, the parent of crypto exchange Kraken, has pushed its US IPO to the second quarter of 2027 at the earliest, extending a listing saga now stretching into a third calendar year.

Payward filed a confidential S-1 in November 2025, soon after an $800 million raise from investors including Jane Street and Citadel valued it at $20 billion, then paused the process in March as crypto listings soured. A later $200 million investment from Deutsche Börse valued Kraken at $13.3 billion, a 33% cut from the peak, and the company trimmed about 150 jobs.

The delay lands despite solid numbers: 2025 revenue rose 33% to $2.2 billion on $2 trillion of volume, with adjusted EBITDA of $530.6 million and funded accounts up 50% to 5.7 million. Kraken has also kept buying, adding NinjaTrader, Bitnomial and tokenization firm Backed Finance.

Co-CEO Arjun Sethi had reaffirmed the IPO was on track just weeks before the latest slip, underscoring how choppy the crypto listing window remains even for one of the sector's largest exchanges.

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