Crypto exchange Kraken has quietly reduced its workforce in recent months, trimming headcount across multiple departments as it streamlines operations in anticipation of a possible US public listing next year.
CoinDesk reported Friday that the downsizing affects “hundreds of staffers.”
A Kraken spokesperson told Cryptonews: “We continuously evaluate our workforce to ensure it aligns with our strategic priorities. We’re approaching this with discipline and intention, making the difficult decision to eliminate certain roles and consolidate teams where redundancies exist, while continuing to hire in key areas of the business.”
The move follows a 15% workforce cut in October, which included the departure of key executives and a broader restructuring of internal teams. At the time, Kraken laid off 400 employees, including chief operating officer Gilles BianRosa and chief technology officer Vishnu Patankar. The company simultaneously appointed veteran tech investor Arjun Sethi as co-chief executive alongside Dave Ripley.
Ripley took over as CEO in 2023 after founder Jesse Powell stepped down amid tensions with employees over company culture and leadership style.
Kraken’s Restructuring Continues Under New Leadership
Since Sethi joined the top ranks, the company has reportedly continued letting go of staff in waves, according to a report by CoinDesk. The exact number of recent job cuts has not been confirmed, but insiders described an ongoing “rolling program” of layoffs.
Despite the cuts, Kraken is said to be hiring selectively in areas viewed as critical to its future roadmap.
Kraken Renews IPO Push as Political Winds Shift in Washington
Kraken has long eyed the public markets, but regulatory uncertainty under the Biden administration delayed earlier plans.
Kraken’s operational tightening comes as it explores new fundraising efforts. The firm is reportedly in early talks to raise up to $1b in debt. Goldman Sachs and JPMorgan Chase are said to be leading the discussions. According to Bloomberg, a public listing could happen as early as the first quarter of 2025.
With Donald Trump back in office and promising a more business-friendly stance on digital assets, some in the industry now see a clearer runway for IPOs that were previously on hold. Several crypto firms are revisiting their public listing strategies as sentiment shifts in Washington.
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