In an effort to save costs, cryptocurrency exchange Kraken may delay its US initial public offering (IPO) until next year, according to reports of layoffs. The exchange reportedly laid off over 150 workers on Friday due to cost reductions obtained via company-wide AI implementation, according to Bloomberg, which cited an unidentified source. Kraken is reportedly increasing its usage of AI, although the company has no current intentions to reduce further headcount.
Many in the crypto industry blame the growth of AI for the layoffs that have affected more than 5,000 workers this year. Block Inc. carried out the biggest round of layoffs by a cryptocurrency company so far in 2026, reducing 4,000 staff in February via AI-driven reductions. This was equivalent to almost half of the staff at the organization.
Kraken’s IPO Delay
Since the crypto prices started to fall towards the end of last year, public crypto businesses’ balance sheets have taken a major blow. The first quarter financials showed losses for some of these firms. Reportedly, Kraken’s intention to go public this year has been postponed due to its downsizing. The company’s US launch goal is 2027.
For some time now, Kraken has been planning to go public. The company chose to cancel its initial public offering (IPO) in March due to the declining cryptocurrency market, after confidentially filed with US regulators in November.
Also this week, crypto data provider Dune announced the layoff of 25% of its staff, stating that the cause was the necessity to restructure and focus on core operations. In a similar spirit, Kraken has laid off employees.
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