Kraken Parent Payward to Offer Tokenized IPO Access via xStocks

Payward, the parent company of U.S. cryptocurrency exchange Kraken, has been preparing for an initial public offering that would give public-market investors direct exposure to its trading business. The listing is also viewed as a test of investor appetite for crypto companies seeking access to U.S. equity markets. Payward had previously submitted a confidential filing, allowing it to begin the process without immediately disclosing detailed financial information.

Payward has now postponed the U.S. IPO until the second quarter of 2027 at the earliest, citing difficult market conditions as it slows its listing plans. The delay leaves the timetable open beyond that period and pushes a potential debut further into the future. The company has not disclosed a targeted fundraising amount, expected valuation or specific listing date, making market conditions a key factor in any renewed effort.

Launched in June 2025, xStocks turns U.S.-listed stocks and exchange-traded funds into blockchain tokens backed one-for-one by securities held in regulated custody. The product, which is unavailable to U.S. residents, is designed to let eligible investors move and trade equity exposure across crypto exchanges, wallets and decentralized-finance applications. Expanding beyond U.S. names is significant because it tests whether tokenization can bridge capital markets still divided by national borders, currencies and trading hours.

Payward, the parent of cryptocurrency exchange Kraken, said on July 22, 2026, it had partnered with fintech infrastructure provider GTN to take xStocks into international equities, starting with Hong Kong-listed shares and later targeting the UK, Europe and South Korea. GTN will provide execution, custody and record-keeping across more than 90 markets, with distribution to institutional clients subject to local licensing. xStocks now covers more than 500 tokenized assets, has processed over $35 billion in transaction volume and has nearly 200,000 holders, according to the companies.

Pre-IPO access to SpaceX had previously been dominated by institutional investors. On June 5, 2026, Kraken made it the first offering under xStocks' “IPO Access,” allowing eligible customers in more than 110 regions to subscribe. Investors receiving allocations obtained SPCXx tokens issued by Backed Assets and backed 1:1 by actual shares. The tokens provided price exposure but no voting rights, underscoring how crypto infrastructure is moving into traditional capital markets.

SpaceX listed on Nasdaq at $135 a share on June 12, 2026. Kraken had disclosed about $400 million in available capacity through its channel, with subscription costs also including a 5% spread. Overall IPO orders, however, reached $250 billion, leaving the offering about four times oversubscribed. A Kraken employee named Nata said that day that SPCXx allocations had been sharply reduced and advised users to cancel their hedges. Some received only about four shares, and Kraken had not formally responded by the time of reporting.

Allocations at the offer price for popular U.S. initial public offerings have long favored institutions and wealthy clients, leaving overseas retail investors largely unable to participate until trading begins. Kraken parent Payward is seeking to bring IPO allocations to xStocks, using blockchain technology to reduce geographic restrictions and the need for traditional brokerage accounts. The initiative shows that real-world asset tokenization is moving more rapidly into mainstream financial markets.

Payward announced on June 3, 2026, that Kraken users and some xStocks Alliance users would be able to express interest in subscribing before an IPO and receive tokenized shares on the listing date, each backed 1:1 by the underlying stock. In its first year, xStocks recorded more than $30 billion in trading volume and over $6 billion in onchain settlement, with more than 125,000 users. The first offerings are expected to launch within weeks.