Kraken delays IPO to Q2 2027 after repeated failed plans

Kraken delayed its initial public offering to the second quarter of 2027. The exchange had promoted an IPO for over half a decade. Kraken previously targeted a public listing in 2022. In April 2021, CEO Jesse Powell said Kraken was considering going public the following year. Powell later shifted the forecast to the second half of 2022. In September 2022, incoming CEO Dave Ripley said Kraken had no specific IPO plans to share. Kraken did not complete an IPO that year. Bloomberg reported in June 2024 that Kraken was raising final pre-IPO financing. Bloomberg reported in March 2025 that Payward, Kraken's parent company, was rescheduling its IPO for January through March 2026. Payward submitted a draft IPO document to the SEC on Form S-1 by November 2025. Payward said an offering was expected after SEC review. Reuters forecast an IPO in the first quarter of 2026. CoinDesk reported in March 2026 that Payward had put the IPO on hold. CoinDesk also reported that Payward was unlikely to proceed. Reuters said it could not independently verify that delay. In April 2026, Co-CEO Arjun Sethi confirmed that Kraken had made formal IPO filings. Sethi did not provide an updated listing date. Sethi said on May 5 that Kraken was about 80% ready for an IPO. Bloomberg reported within two weeks that the IPO would be pushed back to 2027. Kraken shares still do not trade on a public stock exchange.