Kraken, the prominent cryptocurrency exchange, is navigating a transitional phase as it gears up for a potential public listing in the United States, targeted for early next year. Recent reports indicate significant changes within the company, particularly relating to its institutional business segment, where four senior executives have opted to leave.
Among those departing are notable figures including David Olsson, who served as the global head of institutional sales, and Shannon Kurtas, who held dual roles as head of exchanges and vice president of product and the Pro service. Additionally, Jeff K, a director of over-the-counter (OTC) trading, and Sanjay K, the OTC trading lead for the Americas, have also exited the firm. Sources familiar with the matter have confirmed these personnel changes but requested anonymity.
Kraken has not publicly commented on the recent departures, nor have the exiting executives responded to inquiries regarding their exit. This shift in leadership comes at a time when Kraken is reportedly undergoing significant organizational restructuring. The exchange previously indicated it had cut “hundreds” of jobs as part of a strategy to streamline operations in light of its impending public offering, which is anticipated to occur by the first quarter of 2026.
In April of this year, a spokesperson for Kraken stated that the company faced the challenging decision to eliminate certain roles and consolidate teams to address redundancies; however, they emphasized that hiring would continue in critical areas of the business.
Financially, Kraken’s performance has shown a slight decline, with the company reporting a 6.8% drop in income for the second quarter of 2025 compared to the same period the previous year. EBITDA figures have also decreased, standing at $79.7 million, down from $85.5 million in Q2 2024.
As Kraken works toward its goal of becoming a publicly traded entity, the company seems to be positioning itself effectively amid a competitive and volatile cryptocurrency market landscape.
