Cryptocurrency exchange Kraken has fired its chief financial officer, Stephanie Lemmerman, as it prepares for an initial public offering on the U.S. market. The move comes amid leadership changes at the firm. Kraken declined to comment on the dismissal.
Kraken, a major cryptocurrency exchange, reportedly dismissed Stephanie Lemmerman from her role as chief financial officer on February 10, 2026. According to sources cited by Coindesk, Lemmerman has shifted to a strategic advisory position after joining the company in November 2024 and serving as CFO for 16 months.
Robert Moore, previously Kraken's vice president of business expansion, has taken over the CFO responsibilities. The company's leadership page on its parent website lists Moore as deputy CFO, with no mention of Lemmerman. One source indicated that these changes align with Kraken's finance arm evolving into a more product-oriented function rather than a traditional back-office operation.
The dismissal occurs as Kraken gears up for its IPO. The firm filed for confidentiality in November 2025, following a series of funding rounds that raised $800 million and valued the company at $20 billion.
This development fits into a broader trend among cryptocurrency firms pursuing public listings. Recent examples include Circle and Figure, which listed last year and saw strong initial trading performance, as well as Bullish in August and Gemini in September. A PYMNTS report from last month highlighted how these IPOs focus on infrastructure like custody, compliance, payments, and security, attracting institutional interest. It noted that unlike earlier cycles emphasizing user growth and trading volumes, the current wave resembles 'picks-and-shovels providers' of past technology revolutions.
Kraken reached by PYMNTS declined to comment on the leadership changes.
