Kraken Cuts Jobs, Consolidates Teams Ahead of Wall Street IPO Following SEC Win and Starts Foreign Recruitment

Cryptocurrency exchange Kraken has initiated a staff reorganization and job cuts as part of its preparations for a potential initial public offering (IPO) on Wall Street. The company confirmed it is consolidating teams to eliminate redundancies, describing the decision as difficult but necessary. This workforce restructuring comes amid a regulatory victory over the U.S. Securities and Exchange Commission (SEC) and reflects the broader challenges faced by crypto firms balancing growth ambitions with market realities. Kraken has also begun recruiting foreign talent during this period. The move occurs in a context where other companies, such as Klarna and StubHub, have delayed their pre-IPO roadshows due to market conditions, raising questions about the timing and prospects of upcoming IPOs in the current environment.