Kraken Parent Payward Cuts 150 Jobs Ahead of Planned IPO

Payward, the parent company of cryptocurrency exchange Kraken, is reportedly laying off around 150 employees as part of a broader organizational optimization strategy ahead of its anticipated initial public offering (IPO). According to sources familiar with the matter, the workforce reduction is intended to streamline operations and position the company more effectively for a future public market debut.

The crypto firm currently employs approximately 3,000 people globally. While Payward declined to confirm the exact number of layoffs, a Kraken spokesperson stated that the company continuously evaluates its organizational structure to support growth, improve efficiency, and better serve clients in the competitive digital asset market.

The latest move comes after Payward confidentially submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) on Nov. 19, signaling early preparations for a potential IPO. Although CoinDesk reported earlier this year that Kraken had paused its public listing plans due to challenging market conditions, insiders claim the company still intends to go public when market sentiment improves.

Kraken co-CEO Arjun Sethi recently commented during Consensus Miami that the exchange is “80% ready” for a public listing, reinforcing speculation that IPO preparations are actively progressing.

In addition to restructuring efforts, Payward is reportedly raising new funding at a valuation of approximately $20 billion. The fundraising initiative aligns with the company’s aggressive expansion strategy through acquisitions in the crypto and fintech sectors.

Recently, Kraken acquired stablecoin payments company Reap for $600 million and digital asset derivatives platform Bitnomial for $550 million. Its largest acquisition to date occurred in 2025 with the $1.5 billion purchase of NinjaTrader, a U.S.-based retail futures trading platform and CFTC-registered futures commission merchant.

As competition intensifies within the cryptocurrency industry, Kraken continues to position itself as a major player through strategic acquisitions, operational restructuring, and long-term IPO ambitions.