Payward, the parent company of cryptocurrency exchange Kraken, has announced the elimination of 150 jobs, representing about 5% of its global workforce of 3,000. This move is part of a broader strategy to optimize operations and improve financial margins ahead of a planned U.S. stock-market listing. The company has been reducing its workforce since October 2024, when it cut 400 positions following the appointment of Arjun Sethi as co-CEO alongside David Ripley. Despite the job cuts, Payward continues to hire in growth areas such as derivatives, payments, and tokenized assets. The company filed a confidential S-1 registration with the SEC in November 2025, aiming for a public valuation of approximately $20 billion. However, the IPO timeline was paused in March 2026 due to weaker performance in recent crypto listings. Co-CEO Arjun Sethi has indicated that the company is about 80% ready for the public offering, with the S-1 filing still active. Payward's expansion efforts include acquisitions like NinjaTrader and Reap Technologies, supported by an $800 million funding round.