The world's largest exchange groups are moving their shares to blockchain via Kraken's infrastructure. At the same time, Payward itself, the parent company of the trading platform, is in no hurry to go public: preliminary listing timelines have been pushed back to the second quarter of 2027. This decision is not a sign of weakness, but a strategic maneuver in the battle for the future of traditional finance.
A new business model instead of a fast IPO
Payward filed a confidential IPO application back in November 2025, but the process was paused in March 2026. Instead of an aggressive push to the public market, the company has focused on building a bridge between Wall Street and digital assets. This is not just about partnerships, but about a fundamental restructuring of market infrastructure.
The key project is the tokenization of the 100 largest companies on the London Stock Exchange. Their shares are being converted into xStocks—tokens with 1:1 backing. The program is already available to investors in more than 110 countries, although access remains closed to residents of the UK and the US. The issuance volume of xStocks has reached an impressive $40 billion since June 2025, with the number of holders exceeding 200,000.
The race for infrastructure: Deutsche Börse and Nasdaq
In March, Nasdaq signed a similar agreement. Together with Payward, an interface is being developed for moving tokenized shares between regulated venues and public blockchains. The launch is scheduled for the first half of 2027. And in April, Deutsche Börse acquired about 1.5% of Payward for $200 million—this is not just an investment, but a signal of confidence from the traditional financial establishment.
Notably, Hyperliquid is also exploring a similar path in the US, pointing to the emergence of a sustainable trend.
Why the delay makes sense
Financial metrics explain the caution. In November 2025, Payward raised $800 million at a $20 billion valuation (the round was led by Jane Street and Citadel Securities). However, the April deal valued the company at approximately $13.3 billion. Within just a few months, the valuation dropped by nearly a third.
Operating results are also mixed: adjusted revenue grew 17% in the second quarter to $508 million, but EBITDA plunged 71% year-over-year to $23 million. Trading volume on the platform fell 18% to $310 billion. Against this backdrop, Payward continues its asset acquisitions: in May, the deal for the derivatives venue Bitnomial was closed, giving the company a full suite of regulated derivatives in the US—a stack they plan to lease out.
"The industry is consolidating around us. We built this company precisely to grow as fast as possible in such conditions," said Payward co-CEO Arjun Sethi.
The company's documents do not mention a listing at all. First, they launch infrastructure for "other people's" markets. Whether the cost will be borne by investors or built into transaction fees remains unclear.
My analysis: Payward's decision looks pragmatic. Going public with a depressed valuation and weak EBITDA would have been a failure. Instead, the company is building a business that could become a "gold mine": stock tokenization is a bridge through which trillions of dollars of traditional capital will flow into DeFi. If the model works, by 2027 Payward's valuation could be significantly higher than the previous $20 billion.