Original | Odaily (@OdailyChina）
Author | Ding Dong (@XiaMiPP）
After Circle went public, everything began to accelerate.
On June 5th, Circle was listed on the New York Stock Exchange for the first time. In less than three weeks, its stock price surged nearly tenfold, which can be seen as the most symbolic event in the crypto industry over the past five years. Capital has finally re-acknowledged the financial attributes of "crypto", especially for companies with a compliant path and clear growth logic.
In fact, Kraken had disclosed its listing plan to the outside world in March this year, but it was only after Circle's successful listing that everything was re-emphasized by the market.
Recently, this crypto exchange, founded in 2011 and headquartered in San Francisco, announced that it will officially move its headquarters to Cheyenne, Wyoming. The reason is the clarity and inclusiveness of the state's digital asset policies, which are conducive to Kraken establishing a compliant tone and strategic positioning for the public market.
This is not just a geographical move, but also marks Kraken's transformation from a "participant in decentralized narrative" to a "builder of institutional financial system".
Wyoming: A Strategic Move, Not a Retreat
This headquarters relocation is neither a passive choice to escape regulatory pressure in San Francisco, nor a hasty decision, but a carefully considered strategic deployment.
Kraken openly emphasized that the reason for moving to Wyoming is the state's long-standing advantages in crypto regulations. Wyoming has 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 an experimental field that is compatible with cutting-edge technology and legal order for the entire industry.
In fact, the interaction between Kraken and Wyoming has long been underway. They donated $300,000 to the University of Wyoming for blockchain education and co-hosted a local blockchain conference. More importantly, the state plans to launch an official stablecoin WYST issued by the government in August 2025, incorporating digital assets into the local financial strategic map.
Setting up headquarters in this location during the critical pre-listing window is a proactive deployment by Kraken in the face of a complex regulatory environment.
Preparing: A Solid Balance Sheet
Kraken's performance may not have a "breaking point", but it is sufficiently robust.
In 2024, the company's annual revenue reached $1.5 billion, a year-on-year growth of 128%; net profit was $380 million; total platform asset scale was $42.8 billion, with 2.5 million active accounts, and an annual trading volume of $665 billion, showing overall stable operational performance.
Meanwhile, Kraken's "Proof of Reserves" has become a tool to enhance market trust. In the latest data released in May, its BTC reserve rate was 114.9%, which can fully cover user asset needs and leave a safety buffer. To respond to external expectations for transparency, Kraken promised to increase the frequency of reserve audits to quarterly and gradually include more asset types to expand the audit coverage. Additionally, Kraken initiated fund distribution for FTX creditors, indicating an improving capability to handle legacy risks.
All these measures are the three signals Kraken wants to convey to the market before its IPO: stable operations, transparent risk control, and a clear compliance path.
Regulatory Game: Political and Policy Layout
It is worth noting the complex interaction between Kraken and the SEC.
Previously, the SEC sued Kraken, alleging that its staking products constituted unregistered securities issuance. In 2025, the SEC agreed to withdraw the lawsuit without requiring Kraken to admit wrongdoing or imposing a fine, but the court did not fully adopt Kraken's legal stance that the SEC has no right to regulate crypto.
Nevertheless, the changing political landscape has opened another door for Kraken.
After Trump's election, Kraken's Chief Legal Officer Marco Santori resigned and was once on the candidate list for the new CFTC chairman. At the same time, Kraken openly 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 verified one thing: with the right political tailwind, US stocks can re-embrace the crypto narrative.
IPO: More Than a Financing Window, Also a Symbolic Battle
Kraken's listing 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 contact with Wall Street investment banks like Goldman Sachs and JPMorgan Chase.
It's worth noting that this money is not for maintaining daily operations, but for business expansion. A story of actively attacking rather than relying on financing to survive the winter is exactly what the capital market most wants to hear.
Kraken is deploying around the "infrastructure" label:
From launching Kraken Prime, competing with Coinbase Prime and FalconX; to collaborating with European digital bank Bunq to expand retail crypto financial services; to strategically incorporating Janover into the staking business system through equity participation.
Additionally, they recently completed a $1.5 billion acquisition of NinjaTrader, beginning to provide traditional financial derivatives services to US users. This is one of the largest acquisitions between a crypto company and a TradFi company.
In Europe, Kraken obtained the MiFID license by acquiring a Cyprus-licensed institution, officially launching compliant derivatives business; the UK has also secured an EMI payment license to support the global deployment of perpetual contracts and leveraged ETF products.
Token-based US stocks have even been included in the product roadmap. Stocks like Apple, Tesla, and NVIDIA will be listed in token form on Kraken's platform, breaking trading time zone restrictions and achieving "24/7" circulation.
They know that an IPO is not just about selling a story, but about polishing a product line to look more like an "infrastructure" company.
In this process, Kraken is trying to complete a deeper brand transformation: evolving from a "trading platform" to a "multi-lateral financial service network".
Epilogue: From Rebel to Institutional Competitor
In its early development, Kraken was restrained about integrating with traditional finance. Now, they are submitting an IPO intention to Wall Street, embracing politics, laws, and the "human governance" system.
This is not a betrayal of its original intention, but active growth. Institutional dividends are reshaping the leaders of the next crypto narrative, and Kraken chooses to take a stand before the wind starts to blow.
Circle ignited the first fire of the crypto story in US stocks, and Kraken may hope to be the igniter of the second spark.
