Payward, the parent company of Kraken, has reportedly cut about 150 employees, or roughly 5% of its global workforce of around 3,000, as it sharpens its structure ahead of a planned IPO. At the same time, people familiar with the matter said the company is seeking a new funding round at a valuation of as much as $20 billion.
A Kraken spokesperson did not address the reported layoffs directly in an emailed statement, saying the company does not comment on specific personnel or operational decisions. The spokesperson added that Kraken continues to review and evolve its organization to maintain the right structure and talent base to optimize growth and serve clients.
Cost cuts come as acquisition spending continues
According to the report, the fundraising effort is meant to support Payward’s current acquisition push before any public listing. Recent deals linked to that strategy include a $600 million acquisition of stablecoin payments company Reap and a $550 million acquisition of digital asset derivatives platform Bitnomial.
The largest transaction came in 2025, when Payward spent $1.5 billion to acquire U.S.-based retail futures platform NinjaTrader, which is registered with the CFTC. That purchase added a regulated derivatives business and gave the company a larger footprint in markets closer to traditional finance.
IPO preparation remains active after earlier pause
Payward had already taken a formal step toward listing by confidentially submitting a draft S-1 registration statement to the U.S. Securities and Exchange Commission on November 19 of last year. In March, reports said Kraken had paused its IPO plan because of weak crypto market conditions and broader macroeconomic headwinds.
People familiar with the matter said the listing effort was never abandoned and could resume once market conditions improve. At the recent Consensus conference in Miami, Payward and Kraken co-CEO Arjun Sethi said the exchange was 80% ready for a public listing. The company is now pushing on two tracks at once: trimming internal structure while expanding through acquisitions.