Kraken Owner Payward to Cut About 150 Jobs as It Preps for a Potential $20B IPO

Payward, the parent company of crypto exchange Kraken, is cutting roughly 150 jobs, about 5% of Kraken's nearly 3,000 employees, as it trims costs ahead of a planned U.S. stock market debut. People familiar with the matter said the layoffs are part of a broader effort to streamline operations before the company returns to the IPO path. Payward has already submitted confidential listing documents, though a tougher market backdrop has pushed out the timetable. The latest reduction follows a series of restructuring steps. Kraken eliminated about 400 roles in October 2024, nearly 15% of headcount at the time, shortly after Arjun Sethi joined David Ripley as co-CEO. Additional cuts came in early 2025 as management combined overlapping teams and reviewed business lines. A Kraken spokesperson declined to comment on specific personnel decisions, saying the company continues to reassess its organizational setup to retain key talent and support growth. Payward is still hiring in targeted areas such as derivatives, payments and tokenized assets, where it sees stronger long-term demand. Payward confidentially filed a draft S-1 registration statement with the U.S. Securities and Exchange Commission in November 2025. The company later paused its IPO schedule in March 2026 after weak performance from recent crypto listings dampened investor interest. Sources said Payward still intends to go public when market conditions improve; Sethi has said Kraken is about 80% ready. Separately, Payward is reported to be seeking new funding at a $20 billion valuation, a move that would provide additional flexibility to expand while preparing for the scrutiny that comes with public markets. Even as it reduces costs, Payward has continued to pursue acquisitions. In 2025, it bought NinjaTrader for $1.5 billion. It has also recently acquired Reap Technologies, a stablecoin payments firm, and Bitnomial, a digital-asset derivatives platform. The deals underscore where Kraken is concentrating investment ahead of a potential listing: derivatives, payments and institutional trading. For now, the timing of an IPO remains the key variable, with management focused on margins, M&A and a leaner structure while waiting for a more supportive market window. Disclaimer: This content is for informational and educational purposes only and does not constitute financial advice. Readers should use caution before taking any action related to the company.