Payward, the parent company of U.S. crypto exchange Kraken, has postponed its initial public offering until at least the second quarter of 2027 amid unfavorable market conditions, CoinDesk reported, citing two sources familiar with the matter. The move is Payward’s second consecutive IPO delay and, according to CoinDesk, another sign of cooling in the crypto IPO market.

A Kraken spokesperson declined to comment.

Second IPO delay

Payward paused its listing plans in March 2026 because of challenging market conditions, including falling cryptocurrency prices, weak trading volumes and pressure on company valuations. Sources said at the time that Payward had not abandoned the prospect of going public but would consider moving forward only after conditions improved.

CoinDesk said the crypto industry began 2026 expecting a wave of public listings after the successful debuts of Circle and Bullish in the previous year.

“The industry entered 2026 expecting a wave of public listings following last year’s successful debuts by Circle (CRCL) and Bullish (BLSH). However, lower cryptocurrency prices, weak trading volumes, and a sluggish IPO secondary market have dampened investor appetite,” the report said.

European banking-license plans

In July 2026, Incrypted reported that Kraken was working to obtain a full banking license in Europe and considered Lithuania the primary jurisdiction for securing it.

Obtaining the license would make Kraken the first crypto exchange with such status in Europe and pave the way for it to offer a full range of banking services across the European Economic Area.

Source: Incrypted