Payward filed confidentially for an IPO in November, but may be delaying plans amid a fluctuating valuation and uncertain market.

Payward cuts 150 jobs as Kraken’s parent streamlines operations ahead of its planned IPO and seeks fresh capital.

Co-CEO Arjun Sethi said the firm kept investing through market weakness, leaning on acquisitions and futures growth to offset softer spot trading.

Payward filed confidentially for an IPO in November, but may be delaying plans amid a fluctuating valuation and uncertain market.