Kraken parent Payward cuts 150 staff, streamlining business ahead of planned IPO

Payward, the parent company of crypto platform Kraken is cutting 150 jobs. according to two people with knowledge of the matter.

The cuts are said be part of an optimization process ahead of the crypto firm's planned public listing, one of the people said, who spoke on condition of anonymity because the matter is private.

Kraken employs around 3,000 people in total.

"We don't comment on specific personnel or operational decisions. As a high performance culture, we continually evaluate and evolve our organization to ensure we have the right structure and talent in place to optimize growth and deliver for our clients," a Kraken spokesperson said in emailed comments.

Payward is also raising fresh capital at a $20 billion valuation ahead of its public listing, according to two people with knowledge of the matter. The latest fundraising round comes as the company accelerates its acquisition strategy.

Most recently, it acquired stablecoin payments firm Reap for $600 million and digital asset derivatives platform Bitnomial for $550 million as it scales ahead of a planned IPO.

Its largest acquisition came in 2025 with the $1.5 billion purchase of NinjaTrader, a U.S.-based retail futures platform and CFTC-registered futures commission merchant.

Payward confidentially filed a draft S-1 registration statement with the U.S. Securities and Exchange Commission on Nov. 19, taking an initial step toward a potential public listing.

CoinDesk reported in March that the company had paused its IPO plans due to weak market conditions. Sources said the firm still intends to pursue a listing once conditions become more favorable.

At Consensus Miami, Payward and Kraken co-CEO Arjun Sethi said the exchange is “80% ready” to go public.

Read more: Kraken parent Payward seeks fresh funding at $20 billion valuation ahead of planned IPO