0:00
0:00
Subscribe to Bankless or sign in
Citing two individuals with knowledge on the matter, CoinDesk reports that Payward, Inc. (dba Kraken), "is cutting about 150 jobs as part of an optimization effort ahead of a planned IPO."
What's the Scoop?
Kraken Cuts: According to CoinDesk, crypto exchange Kraken's parent company (Payward, Inc.) has laid off roughly 150 employees, attributed to an internal reorganization effort to optimize the company and bolster its financials ahead of its planned initial public offering. Alongside the layoffs, CoinDesk also reports that Kraken is seeking fresh private market funding at a $20B valuation. Kraken – who employs approximately 3k people – declined to comment on the story.- Unclear IPO: Kraken’s IPO ambitions have been repeatedly stalled and revived. The exchange reportedly shelved plans for a multibillion-dollar public debut in March after "confidentially" initiating the IPO process with the U.S. Securities and Exchange Commission on November 19. However, speaking at Consensus Miami earlier this month, Kraken co-CEO Arjun Sethi flipped the script, saying his exchange is “about 80% ready” to go public.
- Acquisition Tear: In spite of its layoffs, Payward has seen fit to splurge on a relentless buying spree, acquiring eight companies since the start of 2025, including its at-the-time record-breaking $1.5B purchase of the U.S. futures platform NinjaTrader, and recently announced $550M acquisition of CFTC-licensed derivatives platform Bitnomial and $600M acquisition of stablecoin payments firm Reap Technologies.
SCOOP: @Payward, the parent company of crypto platform @krakenfx is cutting 150 jobs as part of an optimization effort ahead of its planned IPO. @willcanny99 reports. pic.twitter.com/86afSyMWAi
— CoinDesk (@CoinDesk) May 15, 2026
