Key Highlights
- Payward, Kraken’s parent company, is cutting about 150 jobs out of 3,000 employees as part of restructuring ahead of a possible IPO.
- The company has filed a confidential S-1 with the U.S. SEC, though it paused IPO plans earlier due to weak market conditions.
- Payward is growing through major acquisitions, and is also raising capital at around a $20B valuation while adjusting costs.
Payward, the parent company of crypto exchange Kraken, is reportedly cutting 150 jobs from its total workforce of about 3,000 employees, according to sources familiar with the matter.
The cuts is said to be part of the company’s plan to improve its operations as it prepares for a possible public listing
Kraken has reportedly not said anything about the matter but it stated in emailed remarks that it regularly reviews its structure to make sure it has the right team in place to grow and serve customers well.
IPO plans still alive but on hold
The company had already filed a confidential draft S-1 registration with the U.S. Securities and Exchange Commission on November 19 which is an early step for companies that want to list their shares on the stock market.
It does not mean the IPO will happen soon or even at all, but it shows the company is preparing for it. Moreover, in March, Kraken paused the IPO plans, citing that the market was not strong enough.
Even so, the company has not dropped the idea completely and is still waiting for better conditions before moving forward.
Meanwhile, at a recent crypto event in Miami called Consensus, Kraken co-CEO Arjun Sethi said the exchange is “80% ready” to go public. People close to the matter also reportedly said Payward is trying to raise new money at a valuation of about $20 billion.
Big moves in acquisitions ahead of IPO
Along with preparing for the IPO, Payward has been expanding through major deals. For instance, the company recently agreed to buy stablecoin payments firm Reap Technologies Holdings for up to $600 million.
It also bought Bitnomial, a digital asset derivatives platform, for $550 million. Its biggest acquisition so far came in 2025, when it bought NinjaTrader for $1.5 billion. The company said it is building a stronger structure so it can grow better in the long run. At the same time, it is adjusting costs by reducing staff in some areas.
Industry’s recent wide job cuts
Meanwhile, many other companies in the same crypto space have also laid off some of their staff for same or similar reasons.
For instance, firms like Dune, Block, Crypto.com, Coinbase, and Gemini have all reduced staff during restructuring periods.
Some of them say artificial intelligence tools are helping workers do more with fewer people, which is one reason for the cuts. But others believe AI is not the only reason and that companies are also trying to save money and become more efficient in a tough market.
For Payward, this move is added to its plan to go public soon, when market conditions are better, but the exact timing has not been confirmed.
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