Kraken’s parent company, Payward, has cut about 150 jobs, or roughly 5% of its workforce, as it prepares for a possible IPO. The company still has about 3,000 employees, so this was not a company-wide pullback. It was a targeted round of cuts after years of hiring and expansion.
The message is straightforward: Payward wants to look leaner before it tries to go public. The company is also reportedly seeking fresh funding at a $20 billion valuation. And co-chief executive Arjun Sethi recently said Kraken is about 80% ready for an initial public offering, after earlier plans were delayed when markets were weaker.
This is not really a call on crypto prices. It is a sign that large crypto firms are changing how they operate when public markets come into view. For Kraken, that means cutting costs, tightening the business, and showing potential investors it can run with more discipline over time.