Payward, the parent company of cryptocurrency exchange Kraken, has suspended its initial public offering (IPO) plans due to deteriorating market conditions.
According to sources close to the matter, the company has temporarily halted its IPO process, which aimed for a multi-billion dollar valuation, due to weakness in the cryptocurrency markets.
Payward had filed a confidential application with the US Securities and Exchange Commission (SEC) in November. However, the market pullback following Bitcoin’s record highs put pressure on valuations, while falling trading volumes weakened investor appetite. These developments led the company to postpone its IPO process. It is stated that the company plans to restart the process only when market conditions improve.
Kraken’s limited statement confirmed that a confidential filing was made with the SEC in November, but no further details about the process were shared. Meanwhile, sources close to the matter indicate that the company has not completely canceled its IPO plans, but will remain on hold until suitable market conditions emerge.
Payward had completed a new $800 million funding round a day before filing its application on November 19, reaching a valuation of approximately $20 billion. The $200 million investment from Citadel Securities in this round was particularly noteworthy. The company aimed to use this funding to support its goal of integrating traditional financial markets into blockchain infrastructure.
2025 was a very strong year for crypto companies in terms of IPOs. At least 11 companies, including major players like Circle Internet, Bullish, and Gemini, managed to raise a total of $14.6 billion in funding. This represented a significant increase compared to the $310 million level in 2024. However, 2026 presents a more challenging picture for the sector. So far, only crypto custody service provider BitGo has been able to complete its IPO, and the company’s shares have lost approximately 44% of their value, partly due to weak market conditions. This situation is causing other companies to reconsider their IPO plans.
*This is not investment advice.
