Kraken Faces Senior Executive Departures Ahead of Planned U.S. IPO

Kraken, one of the world’s largest cryptocurrency exchanges, is experiencing major leadership changes as it prepares for a potential U.S. public listing in early 2026. Four senior executives from its institutional division have recently exited the company, according to a source familiar with the matter.

The departures include David Olsson, global head of institutional sales; Shannon Kurtas, vice president of product, head of exchanges, and Pro service; Jeff Kramer, director of OTC trading; and Sanjay K, OTC trading lead for the Americas. While Kraken declined to comment on the exits, the executives themselves did not immediately respond to requests for comment.

The moves come as Kraken continues restructuring efforts, having previously announced job cuts impacting “hundreds” of employees earlier this year. In April 2025, a Kraken spokesperson explained that the firm was consolidating teams and eliminating overlapping roles, while still investing in critical business areas.

Financial performance has also shown signs of pressure. Kraken reported a 6.8% year-over-year decline in revenue for Q2 2025, with EBITDA at $79.7 million compared to $85.5 million in the same quarter of 2024. Despite these challenges, the San Francisco-based exchange remains focused on its upcoming IPO, positioning itself to attract institutional investors and compete more aggressively with rivals like Coinbase and Binance.

As the crypto market prepares for the next wave of institutional adoption, Kraken’s leadership shake-up and cost-cutting measures highlight the competitive pressures facing digital asset exchanges. The success of its planned listing in early 2026 will likely depend on its ability to stabilize operations, strengthen investor confidence, and sustain growth in a volatile industry.