Kraken, the cryptocurrency exchange preparing for a US IPO early next year, has seen four senior executives leave its institutional business unit, according to a source familiar with the matter. The recent departures include David Olsson, global head of institutional sales; Shannon Kurtas, head of exchange operations and vice president of product and professional services; Jeff Kramer, director of over-the-counter trading; and Sanjay K., head of over-the-counter trading for the Americas.

Kraken has reportedly laid off “hundreds” of employees ahead of its planned US IPO in the first quarter of 2026. In April, a Kraken spokesperson said the company was “making the difficult decision to eliminate certain positions and consolidate teams in areas where redundancy exists, while continuing to hire in key areas of the business.”