Cryptocurrency exchange Kraken, preparing for a potential U.S. public listing in early 2026, has experienced the departure of four key senior executives from its institutional division, according to sources familiar with the matter.
The executives who recently left Kraken include: David Olsson, Global Head of Institutional Sales; Shannon Kurtas, Head of Exchanges and VP of Product; Jeff Kramer, Director of OTC Trading; and Sanjay K, OTC Trading Lead for Americas.
Kraken declined to comment on these executive departures. The company previously reported cutting "hundreds" of positions ahead of its planned Q1 2026 U.S. listing. In April 2025, a Kraken spokesperson stated the firm was "making difficult decisions to eliminate certain roles and consolidate teams where redundancies exist, while continuing to hire in key business areas."
Financial reports show Kraken's Q2 2025 income decreased by 6.8% compared to the same quarter last year. The San Francisco-based exchange reported EBITDA of $79.7 million, down from $85.5 million in Q2 2024.