Karla Barker 
Payward, the parent company of crypto exchange Kraken, has laid off about 150 employees. The move is part of a broader streamlining effort ahead of a planned initial public offering, according to two people familiar with the matter who asked not to be named because the details are private.
The cuts affect roughly 5% of Kraken’s workforce, which totals around 3,000 people. One source said these layoffs are about making the business more efficient before going public.
IPO plans move forward
Payward confidentially filed a draft S-1 registration with the U.S. Securities and Exchange Commission on Nov. 19. That was the first formal step toward a public listing. In March, CoinDesk reported the company had paused its IPO due to weak market conditions. But sources said the firm still planned to list when the climate improved.
Speaking at Consensus Miami, Kraken co-CEO Arjun Sethi said the exchange was “80% ready” to go public. That comment suggests the company is fairly far along in the process, though perhaps not quite ready to pull the trigger.
Fundraising and acquisitions
Payward is also raising fresh capital at a valuation of roughly $20 billion, according to the two sources. The new funding round comes as the firm accelerates its acquisition strategy.
Kraken has been on a buying spree recently. It acquired Reap, a stablecoin payments firm, for $600 million. It also bought Bitnomial, a digital asset derivatives platform, for $550 million. Both deals help the exchange scale up ahead of its IPO.
The largest acquisition so far came in 2025 with the $1.5 billion purchase of NinjaTrader, a U.S. retail futures platform that is also a CFTC-registered futures commission merchant.
Company statement
A Kraken spokesperson declined to comment on the specific layoff numbers. In an emailed statement, they said: “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.”
It’s worth noting that layoffs, while painful, are not uncommon in crypto. Companies often trim staff as they mature from startups into publicly traded firms. Whether this move signals confidence or caution is perhaps a matter of perspective. Kraken seems to be positioning itself for the next phase, but the road to an IPO is rarely smooth.