POPA ReconThe Shape of a Market: The Case for Kraken
The Shape of a Market: The Case for Kraken At $20B, Kraken looks fairly priced as a crypto exchange but the market is underweighting the regulatory and infrastructure stack it has quietly assembled - Fed Master Account, all three CFTC licenses via Bitnomial, the largest tokenized equities product globally (xStocks), the Backed Finance acquisition, a Nasdaq tokenization partnership, and its own L2 (Ink). The author's bet is asymmetric: downside is anchored by the exchange floor, while upside is open-ended if any of three independent catalysts - Bitnomial clearing scale, US xStocks approval,…
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