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Kraken Cuts 150 Jobs as It Targets Pre-IPO Expansion

According to CoinDesk and a person familiar with the matter, Kraken is cutting costs, seeking funding at a $20 billion valuation, and pursuing acquisitions as weak digital-asset prices may delay a possible IPO.

Fact Check
The claim that Kraken's parent Payward cut 150 jobs ahead of a planned IPO is strongly supported by multiple independent sources. The CoinDesk X post (2055290592515547188) and the WuBlockchain X post (2055295387351601267) both confirm the 150-job figure and IPO context. The PANews article corroborates all key details: ~150 staff (~5% of ~3,000), $20B valuation target for new funding, and accelerated M&A activity. The March 2026 CoinDesk article provides verified background confirming Payward's confidential SEC S-1 filing in November 2025 and its IPO ambitions. All sources are consistent with each other and with the CoinDesk primary article dated May 14, 2026. No conflicting evidence was found.
Summary

Payward, the parent company of Kraken, cut about 150 employees, leaving the cryptocurrency exchange with roughly 3,000 staff, as part of a business optimization and cost-reduction effort. CoinDesk reported that the company is seeking new funding at about a $20 billion valuation while accelerating mergers and acquisitions, including deals involving Reap, Bitnomial, and an agreement to acquire NinjaTrader for $1.5 billion in 2025. According to a person familiar with the matter, the slump in digital-asset prices has also made it less likely that Kraken will go public as soon as previously expected.

Terms & Concepts
  • Initial public offering (IPO): A company’s first sale of shares to the public on a stock exchange.
  • Mergers and acquisitions (M&A): Corporate transactions in which companies buy, sell, or combine businesses.
  • Valuation: An estimate of a company’s total market value during a funding round or sale.