Kraken originally announced in November 2025 that parent company Payward had confidentially submitted a draft registration statement on Form S-1 to the U.S. SEC, with the number of shares and pricing still undisclosed.

The IPO focus comes just as Deutsche Börse invested $200M in Payward through a secondary share purchase, taking a 1.5% diluted stake in the company. The disclosure revives attention around Kraken’s IPO plans after Reuters reported in March that the company had paused its IPO timeline due to market conditions.