Payward, the parent company of crypto exchange Kraken, is cutting 150 jobs — about 5% of its 3,000-person workforce — as it navigates a delayed U.S. stock-market listing. The layoffs come more than a year after the company filed a confidential S-1 with the SEC, and roughly two months after it paused its IPO timeline.
The latest round of cuts
This week's reduction follows a larger 400-person cut in October 2024, shortly after Arjun Sethi joined David Ripley as co-CEO. More layoffs hit in early 2025 when the company merged overlapping teams. The combined cuts bring total headcount reduction to roughly 550 roles since late last year.
Payward said the job eliminations are part of a broader efficiency push ahead of going public. Co-CEO Sethi noted the company is roughly 80% ready to list, signaling the S-1 remains active even though the timeline is frozen.
IPO timeline on hold
Payward filed its confidential S-1 with the SEC in November 2025, targeting a valuation near $20 billion. That valuation was backed by an $800 million funding round closed around the same time.
But in March 2026, the company paused its listing plans. The reason: weaker performance among recent crypto listings had cooled investor appetite. Payward wants to avoid the fate of other crypto firms that went public only to see their shares slide.
The delay doesn't mean the IPO is dead. The S-1 is still active, and Sethi's 80%-ready comment suggests Payward is just waiting for the right window. The question is when that window opens.
Acquisitions and hiring continue
Even as it cuts jobs, Payward hasn't stopped spending. It acquired NinjaTrader, a derivatives trading platform, and Reap Technologies, which focuses on stablecoin payments. Both deals expand Kraken's reach beyond spot crypto trading.
Hiring is also continuing in targeted areas: derivatives, payments, and tokenized assets. The message is clear — the company is trimming where it sees overlap or redundancy while bulking up in businesses it thinks will drive future revenue.
For now, Payward is in a holding pattern. It has a confidential S-1 on file, a $20 billion valuation from its last fundraise, and a co-CEO saying the company is mostly ready. What it doesn't have is a market that's enthusiastic about new crypto listings. Until that changes, the IPO button stays unpushed.
