Kraken Cuts 150 Jobs Post-AI Boost; IPO May Slip to 2027 Amid Crypto Weakness

Kraken's parent Payward is eliminating 150 jobs after deploying AI to boost efficiency, with its IPO potentially delayed to 2027 due to plunging digital-asset prices. The layoffs follow a string of IPO setbacks: Ledger paused its US listing despite hiring Goldman Sachs, Jefferies, and Barclays for a $4B+ valuation; Consensys first delayed to fall 2025 then to fall 2026, blaming Bitcoin below $80,000, ETF outflows, and SEC litigation. Kraken's valuation fell to $13.3B from $20B, while BitGo trades 36% below its $18 January IPO price, highlighting investor wariness toward crypto public markets.