Payward, the owner of the Kraken exchange, has postponed its long-awaited IPO to at least the second quarter of 2027. The company filed a confidential application with the SEC back in November 2025, but already in March it froze its plans due to weak prices, trading volumes, and valuations in the crypto market.
Payward’s adjusted revenue for the second quarter came in at $508 million, up 17% year on year, while the number of active accounts grew by 42%, reaching 6.6 million. The company has been acquiring competitors; over the past few months, it has closed deals involving the derivatives exchange Bitnomial, the payment service Reap, and the wallets from Magic Labs. The goal is to transform Kraken from a mere exchange into a full-fledged financial platform.