Kraken, the cryptocurrency exchange preparing for a potential public listing in the U.S. early next year, has seen the departure of four senior executives from the institutional side of the business, according to a person familiar with the matter.

Those who have recently left Kraken are: David Olsson, global head of institutional sales; Shannon Kurtas, head of exchanges and a VP of product and the Pro service; Jeff K, a director of OTC trading and Sanjay K, OTC trading lead for Americas, the person said, who declined to be identified.

Kraken declined to comment on the departures, none of whom immediately responded to requests for comment.

Kraken was reported to have trimmed “hundreds” of jobs ahead of a U.S. listing planned for the first quarter of 2026. Back in April of this year, a Kraken spokesperson said the firm was “making the difficult decision to eliminate certain roles and consolidate teams where redundancies exist, while continuing to hire in key areas of the business.”

Kraken’s income in Q2 2025 was 6.8% lower than in the equivalent quarter one year ago. The San Francisco, California-based exchange reported EBITDA of $79.7 million, versus $85.5 million in Q2 2024.

Read more: Kraken Sheds ‘Hundreds’ of Jobs to Streamline Business Ahead of IPO, Sources Say