Kraken’s plan to go public in the US may have to wait until 2027. The crypto exchange, formally known as Payward, laid off about 150 workers last week, a move that has pushed back its initial public offering timeline by at least a year, Bloomberg reported, citing a person familiar with the matter.
A Year Of Shifting PlansThe company had been quietly working toward a public listing for months. Kraken filed confidentially with US regulators late last year, then put those plans on hold in March as crypto prices fell.
Co-CEO Arjun Sethi acknowledged the filing at a recent conference but stopped short of giving any dates. Now, according to reports, the IPO is unlikely before 2027.
Crypto Sector Feels The PressureRival exchanges Gemini and Crypto.com let go of about 200 and 180 staff, respectively, earlier in the year. Block Inc. made the steepest cut of all, eliminating around 4,000 positions in February, roughly half its total headcount.
Crypto data firm Dune also announced layoffs this week, trimming a quarter of its staff as it refocused on core products.
“Are there plans to take Kraken public soon?
Uh, we confidentially filed.
Oh, is that news?
What Comes Next For KrakenThe company has not publicly confirmed the layoffs or the revised IPO timeline. Reporters reached out to Kraken and did not receive a response before publication.
For now, Kraken appears to be tightening its operations while it waits for better conditions. Whether the market recovers fast enough to make 2027 a realistic window for a public debut remains to be seen.
The exchange is one of the largest in the US, and its listing has been closely watched across the industry.
Featured image from DL News, chart from TradingView
