Payward delays Kraken IPO to 2027 as crypto listing track record sours
The public-market track record for crypto exchanges has deteriorated sharply since Gemini went public in September 2025, its stock now down 87% from the debut. Payward, the Wyoming-based parent of Kraken, has pushed its own…
Key takeaways
- Payward, the Wyoming-based parent of Kraken, has delayed its IPO to at least the second quarter of 2027, marking the second postponement of the listing.
- Gemini's stock has fallen 87% from its September 2025 debut, souring the public-market track record for crypto exchanges.
- Payward filed confidentially with the SEC in November 2025 and most recently raised $800 million at a $20 billion valuation.
- Kraken's business grew in Q2, with revenue up 17% year-over-year to $508 million and funded accounts up 42% to 6.6 million.
- Grayscale, Consensys, and Ledger have also postponed their market debuts amid the sector-wide pullback.
The public-market track record for crypto exchanges has deteriorated sharply since Gemini went public in September 2025, its stock now down 87% from the debut. Payward, the Wyoming-based parent of Kraken, has pushed its own initial public offering to the second quarter of 2027 at the earliest, the second time the company has delayed the listing.
Payward filed confidentially with the U.S. Securities and Exchange Commission in November 2025, shortly after Bitcoin hit an all-time high of $126,000. The first postponement came in March, when the company cited difficult market conditions and falling cryptocurrency prices. The latest delay arrives despite a significant price recovery: Bitcoin rose nearly 25% in August.
The underlying business has continued to grow. Revenue for the second quarter came in at $508 million, up 17% from a year earlier, and funded accounts on the Kraken exchange climbed 42% to 6.6 million. Payward most recently raised $800 million from investors at a $20 billion valuation, giving it the balance sheet to stay private longer.
Payward is not alone. The pullback is sector-wide: Grayscale, Ethereum software developer Consensys, and hardware wallet maker Ledger have each put off market debuts as well. The Gemini (NASDAQ: GEMI) performance looms over the entire queue: an 87% drawdown in under a year of public trading reframes the premium any crypto issuer can expect from the market.
The rate and geopolitical environment heading into September adds another layer. Bond yields and crude oil prices are both rising, with U.S.-Iran conflict compounding the volatility in equity markets. Crypto exchanges carry a second-order sensitivity on top of the broader risk-off signal, given how directly their valuations track asset prices and trading volumes.
On balance, Payward's Q2 metrics give it room to wait. The read-through for a 2027 debut is that the company will need a calmer rate environment and a cleaner IPO comp set before it can expect the reception its $20 billion private valuation implies. Gemini's 87% post-listing drawdown is the data point any institutional allocation desk will open with before pricing the Kraken book.
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