Crypto exchange Kraken has begun a company-wide restructuring in preparation for its long-anticipated initial public offering (IPO), aiming to streamline operations and align teams with its long-term strategic goals. The move includes targeted role eliminations and departmental consolidation, which Kraken describes as a proactive, growth-focused realignment.
In a statement, a Kraken spokesperson emphasized the company’s disciplined approach to scaling:
“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 spokesperson also pointed to Kraken’s accelerating product expansion, noting that the firm is launching more offerings than ever while experiencing strong revenue growth. The reorganization, they said, ensures Kraken is structurally ready for the demands of public markets and global expansion.
This latest effort follows a 15% staff reduction in October 2024, which affected around 400 employees. The restructuring reflects Kraken’s continued push toward operational efficiency and public market readiness.
Operational Overhaul Follows SEC Win and Key Acquisition
Kraken’s internal restructuring comes amid a larger strategic overhaul, including its recent acquisition of futures trading platform NinjaTrader. While the company hasn’t disclosed specific headcount reductions since October, sources cited by CoinDesk suggest that “hundreds” of roles have been impacted.
Kraken co-CEOs Arjun Sethi and Dave Ripley previously acknowledged that the company had “fallen into the trap of building unnecessary layers.” Since then, Kraken has focused on removing organizational complexity to boost agility and readiness for public markets.
The timing of the shake-up follows a major legal victory. In March 2025, the U.S. Securities and Exchange Commission (SEC) dropped its lawsuit against Kraken, which had alleged unregistered securities offerings. Kraken labeled the case a “wasteful, politically motivated campaign” and celebrated the dismissal as a clean slate for future expansion.
Kraken Eyes IPO With $1B Raise and Stock Trading Launch
Just before the lawsuit was dismissed, Kraken’s parent company, Payward Inc., reiterated its long-term intention to go public. In a March statement, a company spokesperson said Kraken would pursue a public listing when market conditions best support clients, partners, and shareholders.
To fast-track that timeline, Kraken is reportedly exploring a $1 billion debt raise with the support of top-tier financial institutions, including Goldman Sachs and JPMorgan Chase.
Meanwhile, the company is broadening its reach across both crypto and traditional finance. In addition to acquiring NinjaTrader for $1.5 billion, Kraken has launched commission-free trading for more than 11,000 U.S.-listed stocks and ETFs—marking its most ambitious move yet into mainstream financial services.
Quick Facts
- Kraken is restructuring its workforce ahead of a potential IPO
- The company acquired NinjaTrader for $1.5 billion to expand in futures trading
- Kraken launched commission-free trading for over 11,000 U.S. stocks and ETFs
- The SEC dropped its civil lawsuit against Kraken in March 2025
