Original | Odaily Planet Daily (@OdailyChina)
After Circle went public, everything began to accelerate.
On June 5, Circle was listed on the New York Stock Exchange for the first time. In less than three weeks, its stock price skyrocketed nearly tenfold, marking one of the most symbolic events in the crypto industry in five years, as capital finally recognized the financial attributes of "crypto" again. Especially for companies that have both compliance routes and can clearly articulate their growth logic.
In fact, in March of this year, Kraken had already disclosed its listing plans, but it was only after Circle's successful IPO that the market began to pay attention again.
Recently, this cryptocurrency exchange, founded in 2011 and headquartered in San Francisco, announced it would officially relocate its headquarters to Cheyenne, Wyoming. The reason is that the state’s clarity and inclusiveness in digital asset policy are conducive to Kraken establishing a compliant tone and strategic positioning for the public market.
This is not just a geographical move; it also signifies that Kraken is transforming from a "participant in the decentralized narrative" to a "builder of the institutional financial system."
Wyoming: Not Retreating, but Strategically Relocating
This headquarters relocation is not a passive choice to escape regulatory pressure in San Francisco, but a well-considered strategic deployment.
Kraken publicly emphasizes that the reason for moving its headquarters to Wyoming is due to the state's long-standing advantages in crypto regulations. Wyoming has established a regulatory sandbox that allows crypto projects to test products in a controlled environment and actively promotes institutional innovations such as stablecoin and DAO incorporation, providing the entire industry with an experimental field that accommodates cutting-edge technology and legal order.
In fact, the interaction between Kraken and Wyoming has long been underway. They previously donated $300,000 to the University of Wyoming for blockchain education and participated in hosting the local blockchain conference. More importantly, the state plans to launch an official government-issued stablecoin, WYST, in August 2025, incorporating digital assets into its local financial strategy.
Setting up headquarters here during the critical window before the IPO is a proactive deployment by Kraken in response to the complex regulatory environment.
Gaining Momentum: A Solid Balance Sheet
Kraken's performance may not be "explosive," but it is sufficiently stable.
In 2024, the company’s total revenue reached $1.5 billion, a year-on-year increase of 128%; it achieved a net profit of $380 million; the total asset scale of the platform reached $42.8 billion, with 2.5 million active accounts and an annual trading volume of $665 billion, demonstrating stable overall operational performance.
At the same time, Kraken's "proof of reserves" has also become a tool to enhance market trust. In May, Kraken's latest data showed that its BTC reserve ratio was 114.9%, fully covering user asset demands while leaving a safety cushion. To respond to external expectations for transparency, Kraken has committed to increasing the frequency of reserve audits to quarterly and gradually including more asset types to expand the audit coverage. Additionally, Kraken's initiation of fund distribution to FTX creditors indicates that its platform's ability to handle legacy risks is improving.
All these measures are the threefold signals Kraken hopes to convey to the market before the IPO: robust operation, transparent risk control, and clear compliance pathways.
Regulatory Game: Layout of Political and Policy Pathways
It is worth noting the complex interactions between Kraken and the SEC.
Previously, the U.S. Securities and Exchange Commission (SEC) had sued Kraken, accusing its staking products of constituting unregistered securities offerings. In 2025, the SEC agreed to dismiss the lawsuit without requiring Kraken to admit wrongdoing or imposing fines; however, the court did not fully adopt Kraken's legal stance that "the SEC has no authority to regulate crypto."
Despite this, changes in the political landscape have opened another door for Kraken.
After Trump's election, Kraken's Chief Legal Officer Marco Santori resigned and was mentioned as a candidate for the new CFTC chair. Meanwhile, Kraken has publicly recruited Washington policy experts with Republican backgrounds and donated $1 million to the presidential inauguration fund, ranking alongside Coinbase in political donations.
Kraken clearly realizes that at this stage, political resources and compliance capabilities are redefining the core competitiveness of crypto exchanges.
Circle's success has already validated one thing: in the right political climate, the U.S. stock market can re-accept the crypto narrative.
IPO: Not Just a Financing Window, but a Symbolic Battle
Kraken's IPO is expected in the first quarter of 2026, and they plan to complete a financing round of $200 million to $1 billion before that, having already initiated preliminary discussions with Wall Street investment banks like Goldman Sachs and JPMorgan.
It is noteworthy that this money is not for maintaining daily operations but for business expansion. A story that does not rely on financing to survive the winter but actively seeks opportunities is what the capital market most wants to hear.
Kraken is positioning itself around the "infrastructure" label:
From launching Kraken Prime to compete with Coinbase Prime and FalconX; to partnering with European digital bank Bunq to expand retail crypto financial services; to incorporating Janover into its staking business system through strategic holdings, collaboratively expanding its financial landscape.
Additionally, they recently completed a $1.5 billion acquisition of NinjaTrader, beginning to offer traditional financial derivatives services to U.S. users. This acquisition is one of the largest between a crypto company and a TradFi company.
In Europe, Kraken has obtained a MiFID license through the acquisition of a licensed institution in Cyprus, officially launching compliant derivatives business; the UK has also secured EMI payment licenses, complementing the global deployment of perpetual contracts and leveraged ETF products.
Even tokenized U.S. stocks have been included in the product roadmap. Stocks like Apple, Tesla, and Nvidia will be launched in token form on Kraken's platform, breaking trading time zone restrictions and achieving "24/7" circulation.
They know that the IPO is not just about selling a story but about refining a product line to resemble an "infrastructure" company more closely.
In this process, Kraken is attempting to complete a deeper brand transformation: evolving from a "trading platform" to a "multilateral financial services network."
Epilogue: From Rebel to Competitor within the System
In its early development, Kraken maintained a restrained attitude towards integrating with traditional finance. Now, they are submitting IPO intentions to Wall Street, embracing politics, legislation, and the "rule of man" system.
This is not a betrayal of their original intentions but a proactive growth. Institutional dividends are reshaping the next round of crypto narrative leaders, and Kraken chooses to position itself before the wind blows.
Circle ignited the first spark of the crypto story in the U.S. stock market, and Kraken may hope to become the igniter of that second flame.
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