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Payward is shrinking its headcount. The Kraken parent confirmed it’s cutting 150 jobs — roughly 5% of a global team that stands at about 3,000 people — as it tries to clean up its financials before eventually going public.
The layoffs aren’t really a surprise if you’ve been watching the company. Back in October 2024, Payward cut around 400 positions, which was about 15% of its workforce at the time. That round came shortly after Arjun Sethi joined David Ripley as co-CEO — a leadership shift that pretty much signaled a new operational direction. More cuts followed in early 2025, as the company pushed to eliminate overlapping roles and tighten its structure. Now, 150 more people are out. The company won’t get specific about which teams took the hit, but it did say it regularly reviews its organizational setup to stay aligned with where it’s headed strategically. What’s odd, or maybe not that odd, is that Payward is still hiring. Recruitment is ongoing in derivatives, payments, and tokenized assets — areas it clearly sees as the engine going forward.
IPO Filed, Then Frozen
In November 2025, Payward filed a confidential S-1 registration with the SEC. The target valuation: nearly $20 billion. That number wasn’t pulled from thin air — an $800 million funding round at the time of the filing backed it up, with traditional finance investors putting money in alongside the crypto-native crowd. For a moment, it looked like Kraken’s parent was on a clear path to a public debut.
Then March 2026 happened.
Payward pulled back from its IPO timeline after investor enthusiasm cooled. The culprit, probably, was the underwhelming performance of other recent crypto listings. When the companies that went before you disappoint the market, it’s hard to make the case that your timing is right. So Payward waited. Co-CEO Arjun Sethi said the company is about 80% ready to proceed — which is close, but apparently not close enough given current conditions. No new timeline has been set. It’s unclear when or whether Payward will refile publicly.
The 80% figure is interesting on its own. It’s specific enough to signal real progress, but vague enough to give the company room to maneuver. Sethi didn’t spell out what the remaining 20% involves. Maybe it’s market conditions. Maybe it’s internal metrics. Unclear.
Buying NinjaTrader and Reap Technologies
While the IPO sits in a holding pattern, Payward keeps buying things. The company acquired NinjaTrader to beef up its derivatives capabilities and picked up Reap Technologies to strengthen its stablecoin payment infrastructure. Both moves point in the same direction: Payward wants to be more than a spot crypto exchange by the time it hits public markets.
Derivatives and stablecoin payments are two of the fastest-moving corners of the broader digital asset space right now. Stablecoin adoption across payments and cross-border transactions has grown sharply in recent years, and the derivatives market for crypto has matured considerably since the early days of unregulated offshore perpetuals. Payward seems to be betting that these segments will carry significant weight with institutional investors — the kind of investors who will eventually price the IPO.
NinjaTrader brings a trading platform with an established user base in futures and derivatives. Reap Technologies adds infrastructure on the payments side. Together, they’re probably meant to tell a story: Payward isn’t just Kraken anymore. It’s a broader financial services company that happens to be built around crypto rails.
And that story matters for the IPO pitch. Traditional finance investors — the ones who helped anchor that $800 million round — want to see diversified revenue and a product suite that doesn’t live or die on Bitcoin’s price. Acquisitions help build that case.
The workforce cuts, read alongside the acquisitions, kind of tell you where Payward’s priorities sit. It’s not trying to be the biggest team. It’s trying to be the most efficient one, with the right products in place when the IPO window reopens. Whether that window opens in months or longer, no one’s saying.
Payward’s next move on the IPO front probably depends a lot on how the next wave of crypto company listings performs. If those go well, sentiment shifts. If they don’t, the wait continues. Sethi’s 80% comment at least suggests the internal machinery is mostly ready to go.
The company still has roughly 2,850 employees after the latest round of cuts, and it’s still adding people in its priority verticals. The $20 billion valuation target hasn’t been publicly revised.
Frequently Asked Questions
How many jobs is Payward cutting in its latest round?
Payward is cutting 150 jobs, which amounts to about 5% of its global workforce of approximately 3,000 employees.
Why did Payward pause its IPO plans?
Payward put its IPO on hold in March 2026 after investor enthusiasm dropped, largely tied to poor performance from other recent crypto listings. Co-CEO Arjun Sethi said the company is about 80% ready to proceed when conditions improve.
What companies has Payward acquired recently?
Payward acquired NinjaTrader to expand its derivatives offerings and Reap Technologies to strengthen its stablecoin payment services.
