Payward, the parent company of crypto exchange Kraken, has cut about 150 jobs, according to two people familiar with the matter. The layoffs are part of an operational streamlining effort before the company’s planned initial public offering, one source said on condition of anonymity because the details are private.
Kraken’s total workforce is around 3,000. The cuts represent roughly 5% of staff. A Kraken spokesperson declined to discuss specific personnel moves. They said in a statement that the firm operates a “high performance culture” and regularly reviews its structure to ensure it has the right talent to support growth.
IPO plans move ahead
Payward confidentially filed a draft S-1 registration with the U.S. Securities and Exchange Commission on Nov. 19, which is an initial step toward going public. The company had paused its IPO plans in March due to weak market conditions, as CoinDesk reported at the time. But sources said the firm still aims to list once the climate improves.
At the Consensus Miami event, Payward and Kraken co-CEO Arjun Sethi said the exchange is about “80% ready” to go public. That comment suggests the company is nearing a formal launch, though timing remains uncertain.
Fresh funding at $20 billion valuation
Payward is also raising new capital at a roughly $20 billion valuation ahead of its IPO, two sources said. That fundraising comes as the company accelerates its acquisition strategy. It recently bought stablecoin payments firm Reap for $600 million and digital asset derivatives platform Bitnomial for $550 million.
The biggest purchase so far in 2025 was NinjaTrader, a U.S.-based retail futures platform and CFTC-registered futures commission merchant, for $1.5 billion. These deals suggest Payward is building a broader financial services infrastructure before going public.
What to expect next
Kraken’s job cuts, while modest in percentage terms, reflect a broader trend in crypto companies tightening operations ahead of market events. Whether the IPO happens later this year or early next probably depends on regulatory clarity and market momentum. For now, Payward appears to be positioning itself as a more diversified, acquisition-heavy firm rather than a pure crypto exchange.
