Regulations
By Sydney TheCMO
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Revenue Up, Transaction Volume Down. The financials are a mixed bag. In Q2, Payward posted adjusted revenue of $508 million, up 17%…
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Three Acquisitions, Broader Ambitions. Payward has been busy on the deal front while the IPO clock ticks.
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Kraken Isn't Alone in Waiting. Payward's situation isn't unique. RedotPay also pushed its U.S.
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Payward wants to go public. Just not yet — and probably not before mid-2027 at the earliest.
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The parent company of Kraken has pushed its initial public offering to no earlier than the second quarter of 2027, a delay driven by rough market conditions and an ongoing SEC…
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No ticker. No share count. No price range.
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Those details haven't been decided yet, and Payward says any offering will depend on where markets stand and whether the SEC finishes its review.
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The financials are a mixed bag. In Q2, Payward posted adjusted revenue of $508 million, up 17% from the same period a year earlier. Funded accounts jumped 42% to 6.
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But total platform transaction volume dropped 13% to $310 billion, which isn't great for a company trying to pitch itself as a growth story to public-market investors.
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Payward has been busy on the deal front while the IPO clock ticks. On May 1, it closed the acquisition of Bitnomial, which gives Payward a foothold in regulated derivatives.
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Related: Kraken Targets Wall Street with New Institutional Crypto Gateway, Delays IPO Plans
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Three acquisitions in a few months is a lot. The pitch is pretty clear: Payward doesn't want to be just a spot exchange anymore.
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That's probably part of the calculation behind the delay. Integrating three acquisitions while simultaneously preparing for a public listing is hard.
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Payward's situation isn't unique. RedotPay also pushed its U.S. listing to 2027 while it works through regulatory approvals.
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Gemini's experience is probably on everyone's mind. Its shares fell roughly 90% from their IPO-day high by mid-August.
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