Payward, the parent company of cryptocurrency exchange Kraken, is cutting approximately 150 jobs, representing about 5% of its 3,000-strong workforce. This move is part of a broader effort to optimize operations as the company prepares for a U.S. public listing. Despite filing confidential IPO paperwork with the SEC in November 2025, Payward has delayed its public debut due to unfavorable market conditions. The company continues to seek fresh capital at a reported $20 billion valuation, aiming to bolster its expansion efforts. While reducing headcount in certain areas, Payward is still hiring in sectors like derivatives, payments, and tokenized assets, where it anticipates strong demand. Recent acquisitions, including NinjaTrader and Reap Technologies, highlight its strategy to strengthen its business profile before going public. Co-CEO Arjun Sethi has indicated that Kraken is about 80% ready for its IPO, pending improved market conditions.