Payward completed an $800 million financing in November 2025 at a $2 billion valuation and secretly submitted an S-1 registration statement before putting its listing plans on hold because of unfavorable market conditions. The company completed its acquisition of derivatives platform Bitnomial in May and stablecoin payment platform Reap in July, then agreed to acquire Magic Labs' wallet infrastructure business. The acquisitions support Payward's plan to broaden Kraken from a crypto exchange into a wider financial services platform.