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.