- Payward is cutting about 150 jobs, equal to roughly 5% of Kraken’s 3,000-person workforce.
- The cuts form part of a wider optimization push before a planned U.S. public listing.
- The company is also seeking fresh capital at a reported $20 billion valuation.
Kraken parent Payward is cutting about 150 jobs as pressure builds around its planned U.S. stock market listing. The reduction affects roughly 5% of Kraken’s global workforce, which stands at nearly 3,000 employees.
According to sources, the cuts are part of a wider effort to streamline the business before Payward returns to the IPO track. The company has already filed confidential listing paperwork, but weaker market conditions have delayed its public debut.
Payward Cuts Staff Before IPO
Payward’s latest workforce reduction adds to a longer restructuring process inside Kraken. The company cut about 400 roles in October 2024, equal to nearly 15% of staff at the time.
That earlier move came shortly after Arjun Sethi joined David Ripley as co-CEO. More reductions followed in early 2025, as management merged overlapping teams and reviewed business units.
A Kraken spokesperson declined to discuss specific personnel decisions. However, the company said it continues to evaluate its structure so it can keep the right talent and support growth.
Notably, Payward is not freezing all hiring. The company is still adding roles in selected areas, including derivatives, payments, and tokenized assets, where it sees stronger long-term demand.
Public Listing Plans Stay Active
Payward confidentially filed a draft S-1 registration statement with the SEC in November 2025. That filing marked an early formal step toward a U.S. public listing.
However, the company paused its IPO timeline in March 2026 after weaker performance among recent crypto listings cooled investor appetite. Even so, sources said Payward still plans to list when market conditions improve.
Co-CEO Arjun Sethi has said Kraken is about 80% ready to go public. That comment suggests the listing process remains active, even if management is waiting for a better market window.
Meanwhile, Payward is also seeking fresh capital at a reported $20 billion valuation. The funding push gives the company more room to expand while preparing for public-market scrutiny.
Acquisitions Support Growth Push
Payward has continued to expand through acquisitions while reducing costs elsewhere. Its largest deal came in 2025, when it acquired NinjaTrader for $1.5 billion.
Additionally, the company recently acquired Reap Technologies, a stablecoin payments firm, and Bitnomial, a digital asset derivatives platform. Those deals show where Kraken wants to build scale before listing.
The strategy points to a sharper business profile. Kraken is reducing headcount in some areas while investing in products tied to derivatives, payments, and institutional trading.
Nevertheless, timing remains the main question. Payward may return to the IPO queue if crypto market conditions improve and investor appetite strengthens. Until then, management appears focused on margins, acquisitions, and a leaner structure before facing public investors.
Related: Trump Family OGE Filing Reveals Fresh Crypto Stock Purchases
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
