Kraken parent Payward cuts 150 jobs amid IPO and expansion push

• Reap: a stablecoin payments firm, adding fiat-to-crypto on/off ramps.
• Bitnomial: a regulated crypto derivatives platform, expanding Kraken’s futures offering.
• NinjaTrader: a US futures platform, bringing traditional futures trading capabilities.

The financing round serves a dual purpose: it provides capital for further expansion and sets a valuation benchmark for the eventual IPO. A $20 billion private valuation would anchor expectations. Public-market investors will apply their own discount depending on comparable exchange multiples and crypto market conditions at the time of listing.

IPO Filing and Market Timing

Kraken filed confidentially for a US IPO in November 2025. The company has not disclosed the offering size or timing. The confidential filing allows Payward to test regulatory waters and prepare financial disclosures without public scrutiny. The job cuts and financing round are part of the pre-IPO positioning that typically precedes a public debut.

Market conditions remain the key variable. Crypto exchange IPOs have been on hold as volatility and regulatory uncertainty weighed on sector valuations. The recent policy shifts could improve the window. Payward is explicitly waiting for conditions to improve before restarting the process, according to the report. That makes the timing of the next financing round and any updated SEC filings the next concrete catalysts.

AlphaScala previously reported on the stalled IPO timeline. For broader crypto market context, see our crypto market analysis.

The next concrete marker is the completion of the $20 billion financing round. A successful raise at that valuation would validate the acquisition strategy and set a floor for IPO pricing. A delay or down-round would signal that private investors are skeptical of the growth narrative. After that, any public filing update or withdrawal of the confidential submission would be the next catalyst.