Propose a bold theory - Legion is the semi-official launch pad for the sea monster Kraken.

This is a carefully planned ecological expansion game on the eve of an IPO.

Who is Kraken?

A well-established compliant exchange founded in 2021

Ranked 7th in global trading volume

Serving over 11 million users

From the data, Kraken's IPO ambitions are already evident:

Acquired the futures platform NinjaTrade in March for $1.5 billion

Completed a $500 million financing round in September, with a valuation jumping to $15 billion

Now seeking a new financing round with a $20 billion valuation

Morgan Stanley and Goldman Sachs are serving as IPO advisors, targeting a 2026 listing

But the key question is: What does Kraken have to justify this?

Revenue comparisons reveal a harsh reality:

Coinbase is projected to have a revenue of $7 billion in 2025 (Q1 $2.03 billion, Q2 $1.5 billion)

Kraken's annualized revenue is only $1.6-1.7 billion

With a 4-fold revenue gap, Kraken's IPO valuation target is $20 billion.

The logic here is: Coinbase currently has a PS ratio of about 10-12 times, and if Kraken is valued at the same multiple, based on $1.7 billion in revenue, the valuation range is indeed between $17 billion and $20 billion. But the premise of this assumption is that Kraken's profitability must be significantly better than Coinbase's.

This is where Legion plays an important role:

User acquisition engine

Revenue diversification tools

Ecological moat

A deeper consideration is regulatory arbitrage. Kraken, through its "exclusive partnership" with Legion, maintains compliance while gaining innovative space (allowing it to experiment with more financial products).

From the perspective of timing, this layout is extremely shrewd. The crypto IPO market is expected to recover in 2025, with projects like Circle successfully going public, paving the way for Kraken. Meanwhile, the launch of Legion just before the IPO showcases to investors that Kraken is more than just an exchange.

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