Kraken has reduced its workforce by 150 employees due to the growing adoption of AI, adding to the more than 5,000 layoffs reported across the crypto industry so far this year, according to Bloomberg.
Kraken has reportedly laid off part of its workforce as part of a cost-cutting effort, a move that could push its planned US initial public offering back to next year.
The company, which operates under the corporate name Payward, cut around 150 jobs as efficiencies were gained from the use of artificial intelligence across the business, Bloomberg reported on Friday, citing a person familiar with the matter.
The person said artificial intelligence is being adopted more broadly across Kraken, though no additional job cuts are currently being planned by the company.
Crypto-related firms have eliminated more than 5,000 jobs so far this year, with many companies pointing to improved efficiency from AI adoption as a key factor behind the layoffs. Block Inc. carried out the largest round of crypto-sector layoffs in 2026, cutting 4,000 employees, or roughly half of its workforce, in February as part of an AI-focused restructuring effort.
A drop in crypto prices since late last year has also weighed on the balance sheets of publicly traded crypto companies, with losses reported by many firms in their first-quarter earnings results.
Kraken’s workforce reductions have reportedly delayed its plans to go public this year, with the company now targeting a US market debut in 2027.
Kraken’s Public Listing Plans Continue to Evolve
Kraken’s plans to go public have shifted repeatedly over recent months. In November, the company confidentially filed with US regulators for an IPO before putting those plans on hold in March due to weakness in the crypto market.
Arjun Sethi, co-CEO of Kraken, reiterated the company’s confidential IPO filing last month when asked during a conference appearance whether plans remained in place to take the company public soon, though no timeline was disclosed.
The layoffs at Kraken came during the same week that crypto data firm Dune said it had reduced 25% of its workforce, citing the need to restructure the business and concentrate on its core products.
Coinbase reduced its workforce by 700 employees, or roughly 14% of staff, earlier this month on May 5, citing expanded use of artificial intelligence.
Rival crypto exchanges Gemini and Crypto.com also cut 200 and around 180 jobs, respectively, earlier this year, with both companies pointing to the growing adoption of AI.
