Kraken lays off about 150 workers; U.S. IPO moved to 2027

Kraken, the crypto exchange operating under the corporate name Payward, recently cut about 150 employees and pushed its planned U.S. initial public offering to 2027. The company filed confidentially with U.S. regulators in November and paused the IPO process in March amid weaker crypto markets. Kraken co-CEO Arjun Sethi reiterated the confidential filing at a conference last month but provided no timeline for an offering.

A person familiar with the company confirmed that artificial intelligence tools are being deployed more broadly across operations and that management does not currently plan further layoffs. The company described the reductions as a cost-saving measure tied to efficiencies from the new technology rather than part of a wider restructuring.

The layoffs come amid a wave of workforce reductions across the crypto sector. More than 5,000 jobs have been cut so far this year. Among those reductions, one large payments and crypto company cut about 4,000 roles in February, a public crypto exchange trimmed roughly 700 positions in early May and other firms reduced staff by several hundred. A crypto data firm cut about a quarter of its workforce while refocusing on core products.

Declines in cryptocurrency prices since late last year have affected the finances of public digital-asset companies, and several reported first-quarter losses. Company representatives did not immediately respond to requests for comment about the layoffs or the IPO timing.