Payward, Kraken's Parent Company, Cuts 150 Jobs Ahead of IPO Plans
Kraken parent Payward cuts 150 staff, streamlining business ahead of planned IPO
Coindesk
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Payward, the parent company of the cryptocurrency exchange Kraken, is laying off 150 employees as part of a restructuring ahead of its planned initial public offering (IPO). The company aims to raise fresh capital at a valuation of $20 billion while pursuing an aggressive acquisition strategy, including recent purchases totaling over $2 billion.
- 01Payward employs approximately 3,000 people, meaning the layoffs represent about 5% of its workforce.
- 02The company filed a draft S-1 registration statement with the U.S. Securities and Exchange Commission on November 19, 2022.
- 03Payward's recent acquisitions include stablecoin payments firm Reap for $600 million and digital asset derivatives platform Bitnomial for $550 million.
- 04The largest acquisition was the $1.5 billion purchase of NinjaTrader in 2025.
- 05Kraken's co-CEO Arjun Sethi stated the company is '80% ready' for its public listing.
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Payward, the parent company of the cryptocurrency exchange Kraken, is cutting approximately 150 jobs as part of a restructuring process in anticipation of its planned initial public offering (IPO). The layoffs, which represent about 5% of its total workforce of around 3,000 employees, are aimed at optimizing the company's operations. Payward is also seeking to raise fresh capital at a valuation of $20 billion while pursuing an aggressive acquisition strategy. Recently, the company acquired stablecoin payments firm Reap for $600 million and digital asset derivatives platform Bitnomial for $550 million. Additionally, Payward made its largest acquisition in 2025, purchasing NinjaTrader for $1.5 billion. In November 2022, Payward confidentially filed a draft S-1 registration statement with the U.S. Securities and Exchange Commission, marking a step toward a potential public listing. Although the IPO plans were paused due to unfavorable market conditions, the company intends to proceed once conditions improve. Kraken co-CEO Arjun Sethi indicated that the firm is '80% ready' for its public offering.
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The job cuts may affect the local economy and job market in areas where Payward operates, potentially leading to increased competition for remaining positions.
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