- Payward paused its IPO after filing with the SEC as weaker crypto markets reduced valuations.
- Bitcoin’s post-peak downturn and lower trading volumes dampened investor appetite for listings.
- The firm plans to revisit its IPO later as other crypto companies pursue public listings.
Payward Inc. has paused its initial public offering plans after filing confidentially with the U.S. Securities and Exchange Commission in November. The decision came as crypto markets weakened following Bitcoin hitting a record high in October. According to people familiar with the matter, the company will resume the process once market conditions improve.
IPO Plans Put On Hold After Filing
The parent of Kraken had submitted a draft S-1 on Nov. 19 for a proposed stock offering. However, it has now suspended the process due to declining valuations and reduced trading activity. A Kraken spokesperson confirmed the filing but declined further comment.
Meanwhile, sources said the company still considers going public at a later stage. This pause follows a broader slowdown in crypto markets since October. Bitcoin’s peak led to a downturn that reduced investor appetite for new listings.
Market Conditions Pressure Valuations
The shift in sentiment has affected several companies. Declining asset prices and weaker trading volumes have lowered valuations across the sector. Notably, Payward had secured $800 million in funding at a $20 billion valuation.
The round included a $200 million investment from Citadel Securities. However, public market performance has remained uneven. Data shows at least 11 crypto IPOs raised $14.6 billion in 2025. This marked a sharp rise from $310 million in 2024.
In contrast, 2026 activity has slowed. BitGo remains the only digital asset firm to list this year. Its stock has fallen 44% amid volatile conditions.
Industry Divergence And Ongoing Plans
While Payward steps back, other firms continue their plans. Securitize said it still aims to go public after receiving regulatory approval. Its founder, Carlos Domingo, noted the company raised $225 million through a PIPE tied to a SPAC merger.
He added that interest in tokenization remains steady. Meanwhile, legal experts also outlined shifting trends. Laura Katherine Mann said future IPO candidates will focus on compliance and stable revenue.
Separately, Kraken made internal changes earlier this year. The company dismissed its chief financial officer, Stephanie Lemmerman, according to people familiar with the matter.
