Kraken, preparing for a potential U.S. public listing in early 2026, has lost four senior executives from its institutional business, including global head of institutional sales David Olsson and VP Shannon Kurtas. The exchange, which reported a 6.8% year-on-year decline in Q2 2025 EBITDA to $79.7 million, recently cut hundreds of jobs to streamline operations ahead of its planned IPO.