Kraken reduces Staff Strength ahead of IPO
Kraken fired hundreds of employees over the last few months as it continues to streamline its operations in preparation for a possible US public listing.
Quick overview
- Kraken has laid off hundreds of employees as part of a strategy to streamline operations ahead of a potential US public listing.
- Since the appointment of co-CEOs Arjun Sethi and David Ripley, the company has continued to reduce its workforce beyond the initial 15% cut made last year.
- The leadership aims to make Kraken 'leaner and faster' by eliminating organizational layers and redundancies.
- Kraken is also focusing on growth by acquiring companies like NinjaTrader and expanding its product offerings, while still assessing workforce needs.
Kraken fired hundreds of employees over the last few months as it continues to streamline its operations in preparation for a possible US public listing.
When Silicon Valley investor and Kraken board member Arjun Sethi took over as co-CEO alongside David Ripley, who took over when former CEO Jesse Powell stepped down in 2023, Kraken was said to have laid off 400 employees at the end of October last year, or roughly 15% of its workforce.
A person with knowledge of the matter stated that “hundreds more have gone” since Sethi was appointed co-CEO, referring to a continuous firing program that goes beyond the 15% reduction made late last year. They are aggressively culling across all functions, which is an ongoing process.
Sethi and Ripley wrote in a blog post that when the CEO position was divided last year, the company needed to become “leaner and faster” by removing “organizational layers” that had accumulated in Kraken.
Kraken has also been attempting to boost its earnings by purchasing companies like the derivatives platform Ninja Trader, for example, and most recently announcing the addition of stock trading.
“Kraken is doing very well. A Kraken representative said, “We’re introducing more new products than ever before, generating robust revenue growth, and quickly growing across our entire product portfolio, including through the agreement to acquire NinjaTrader, announced earlier this year.”
In addition, we constantly assess our workforce to support our strategic priorities. “While continuing to hire in strategic business areas, we’re taking a methodical and deliberate approach to this, making the tough choice to remove some positions and combine teams where there are redundancies,” the Kraken representative stated.
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