Payward Cuts 150 Staff as Kraken IPO Timeline Stays Open

Payward removes 150 employees in May 2026

Payward, the parent company of crypto exchange Kraken, cut approximately 150 staff in May 2026. The cuts represent about 5% of the company's total workforce of 3,000 employees. Bloomberg first reported the layoffs, citing an anonymous source not authorized to speak publicly.

AI tools drove the internal efficiency decision

Payward deployed artificial intelligence (AI) tools across its internal operations before making the cuts. The AI deployment improved workflow efficiency, which reduced the need for the affected roles. Bloomberg and CoinDesk reported cost reduction ahead of a planned stock market listing as a secondary factor in the decision.

Payward targets $20 billion valuation for IPO

Payward is pursuing a public listing on a stock exchange, a process known as an initial public offering (IPO). The company disclosed a valuation target of $20 billion during a fundraising round completed in November 2025. That round raised $800 million in the two months leading to November 2025. Multiple sources confirmed the $20 billion figure in May 2026 reporting.

In April 2026, Payward also announced the acquisition of Bitnomial, a US crypto derivatives firm. Co-CEO Arjun Sethi described the strategic direction of that deal.

"adding the infrastructure layer that makes the next generation of US derivatives possible", 16 April 2026. — Arjun Sethi, Co-CEO, Payward Inc.

IPO timeline remains uncertain after March pause

According to reports, Payward filed an S-1 document with the US Securities and Exchange Commission (SEC) in November 2025. An S-1 is a registration form required before a company lists shares publicly in the United States. The company paused its IPO process in March 2026 due to weak crypto market conditions. Bloomberg reported in May 2026 that the listing may not occur until 2027.