Kraken Makes Further Cuts Across Teams Ahead of IPO

Kraken has continued to cut jobs across multiple teams as it sharpens its focus ahead of a possible public listing in the United States. While 400 roles—about 15% of the workforce—were officially cut in October 2024, people familiar with the matter say the layoffs didn’t stop there.

Good to Know

• Kraken has laid off more staff beyond its 15% reduction in October 2023.
• Cuts affect all departments, aimed at improving profitability.
• Kraken still plans to expand, including new products and acquisitions.

Since Arjun Sethi stepped in as co-CEO alongside David Ripley, the exchange has been quietly reducing headcount in waves. One source described the process as ongoing and aggressive, with teams across the board affected. The goal, they said, is to improve Kraken’s EBITA and streamline operations.

Last year, Kraken’s leadership spoke publicly about the need to remove extra layers of management and speed up the business. In a blog post, Sethi and Ripley explained that simplifying the structure would make the company leaner and more responsive.

Despite the layoffs, Kraken continues to expand in other ways. It recently announced plans to acquire NinjaTrader, a derivatives trading platform, and has moved into stock trading. A company spokesperson said Kraken is experiencing strong revenue growth and launching more products than ever.

“We’re approaching this with discipline and intention,” the spokesperson added. “We’ve made difficult decisions to eliminate certain roles and consolidate teams where needed, while still hiring in key areas.”