Kraken Reorganizes Staff as Company Preps for Wall Street Debut
Kraken has reorganized its workforce in preparation for a planned initial public offering next year, eliminating certain roles and consolidating teams while hiring in key areas. The company is launching more products than ever, driving revenue growth, and expanding its product portfolio, including a recent acquisition of NinjaTrader. Since October, Kraken has laid off 15% of its workforce, with reports indicating "hundreds" of employees affected. Co-CEOs Arjun Sethi and Dave Ripley aim to eliminate organizational layers that had previously hindered efficiency. Following the dismissal of a U.S. Securities and Exchange Commission lawsuit, Kraken confirmed plans to pursue public markets and is considering raising up to $1 billion in debt to accelerate growth, collaborating with financial institutions like Goldman Sachs and JPMorgan Chase. The exchange recently introduced commission-free stock and ETF trading for U.S. customers.
