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Payward Inc., the company behind crypto exchange Kraken, has begun the lengthy U.S. regulatory process required to become a publicly traded company, although a final decision on an IPO has not yet been made.
Rather than announcing a listing date or valuation target, the firm has opted to enter Wall Street’s disclosure regime through a confidential submission to the Securities and Exchange Commission.
That move does not commit the company to going public, but it places Kraken under the same scrutiny as companies preparing for an eventual share sale – a notable shift for a crypto exchange that has historically operated outside of public-market reporting standards.
This Is Not Yet a Listing – It’s a Compliance Step
According to the company, key financial details — including pricing, share volume and timing — will be determined only after the SEC evaluation is complete and if market conditions are favorable. A listing will proceed only if both factors align, not automatically.
In other words, Payward has opened the regulatory door but hasn’t decided whether to walk through it. The filing creates optionality — not obligation.
Why the Filing Matters
Under U.S. law, companies seeking to become publicly traded must submit extensive disclosures to the SEC in a document known as Form S-1. Those disclosures include revenue information, business risks, management details and fundraising goals. The SEC reviews the S-1 for completeness and accuracy before shares can be sold to the public.
Payward’s filing took place under Rule 135, which allows a company to acknowledge preparation for an offering without making a public marketing push or offering securities for sale.
Why Crypto Is Watching Closely
For the digital-asset industry, Payward’s filing is significant because it signals growing willingness among major crypto firms to subject themselves to public-market transparency. Binance U.S. dissolved its IPO ambitions after regulatory clashes, and Coinbase’s listing in 2021 remains the only major example among global exchanges.
Kraken has positioned itself differently — not announcing a debut, not chasing hype, but starting with compliance and allowing the market to determine whether listing conditions are favorable.
Whether the filing results in an IPO or a later re-submission, the step marks a structural shift: a crypto exchange is now building within Wall Street’s disclosure framework rather than outside it.