Payward, the parent company of crypto exchange Kraken, is cutting about 150 jobs as part of a streamlining effort tied to its planned initial public offering, according to a CoinDesk report.
The layoffs are part of a pre-IPO optimization plan, with Kraken’s workforce currently standing at roughly 3,000 employees.
The move comes as Payward is reportedly seeking a new financing round at a valuation of about $20 billion while accelerating its acquisition and expansion strategy. The company has acquired stablecoin payments firm Reap, derivatives platform Bitnomial, and US futures platform NinjaTrader.
Kraken filed confidentially for a US IPO in November 2025, laying the groundwork for a potential public listing. The company did not disclose the offering size, valuation, or timing at the time of the filing.
The latest job cuts show Kraken continuing to tighten operations while positioning itself for public markets. Payward plans to restart the IPO process once market conditions improve, according to the report.
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