Payward, the parent of crypto exchange Kraken, has postponed its initial public offering until the second quarter of 2027 at the earliest. The company confidentially filed a draft S-1 registration with the SEC in November 2025 and paused plans in March citing unfavorable crypto market dynamics and diminished trading activity. In its second quarter, adjusted revenue rose 17% year-over-year to $508 million despite overall platform transaction volume falling 13% to $310 billion. Funded accounts expanded 42% to 6.6 million and assets under management reached $40 billion. The firm has continued aggressive expansion through acquisitions including NinjaTrader for $1.5 billion in 2025, Bitnomial for $550 million, Reap Technologies for $600 million in July, Magic Labs wallet infrastructure, and Backed Finance. It has also discussed bringing Hyperliquid-linked perpetual futures to the United States via the platform subject to CFTC rules. Other cryptocurrency companies including Grayscale, Ledger, and Consensys have similarly delayed IPO plans amid poor aftermarket performance and declining market sentiment. Bitcoin traded around $77,000, down nearly 39% from its October all-time high near $126,000. Kraken co-CEO Arjun Sethi confirmed the confidential filing in April, noting public capital access was not the primary motivation. The timing of any Q2 2027 offering remains contingent on SEC approval, market conditions, and Payward's decision. The company reduced its workforce by about 150 employees in May as part of cost restructuring and has explored becoming a full bank outside the United States as well as tokenized asset partnerships.