Payward, the parent company of the crypto platform Kraken, is cutting 150 jobs. according to two people with knowledge of the matter.
The cuts would be part of an optimization process ahead of the crypto company’s planned public listing, said one of the people, who spoke on condition of anonymity because the matter is private.
Kraken employs around 3,000 people in total.
“We do not comment on specific personnel or operational decisions. As a high-performance culture, we continually evaluate and evolve our organization to ensure we have the appropriate structure and talent to optimize growth and meet our customers’ expectations,” a Kraken spokesperson said in emailed comments.
Payward confidentially filed a proposed S-1 registration statement with the U.S. Securities and Exchange Commission on November 19, taking the first step toward a possible public listing.
CoinDesk reported in March that the company had suspended its IPO plans due to weak market conditions. Sources said the company still intends to pursue its listing once conditions become more favorable.
At Consensus Miami, Payward and Kraken co-CEO Arjun Sethi said the exchange was “80% ready” to go public.
Payward also has new capital valued at $20 billion ahead of its public listing, according to two people with knowledge of the matter. The latest fundraising comes as the company accelerates its acquisition strategy.
It recently acquired stablecoin payments company Reap for $600 million and digital asset derivatives platform Bitnomial for $550, as it advances its million-dollar public listing.
Its largest acquisition came in 2025 with the $1.5 billion purchase of NinjaTrader, a US-based futures retail platform and CFTC-registered futures commission merchant.
Read more: Kraken parent Payward seeks $20 billion in new funding ahead of planned IPO