Kraken, one of the world’s leading cryptocurrency exchanges valued at nearly $3 billion, has officially moved its corporate headquarters to Cheyenne, Wyoming, Cowboy State Daily reports.
The decision marks a major shift from the company’s previous base in California and signals continued momentum in Wyoming’s effort to establish itself as a hub for digital asset innovation.
The company, which holds a secondary valuation of $5.9 billion based on trading activity, cited Wyoming’s regulatory clarity, commitment to innovation, and alignment with the values of the cryptocurrency sector as key reasons for the move.
Trevor Rutar, CEO of Kraken Financial, told Cowboy State Daily that Wyoming stood out because of its focus on autonomy and economic freedom.
“Crypto, like capital, flows to where it’s treated best — and Wyoming is earning that reputation,” he said.
Former Wyoming lawmaker Tyler Lindholm, who helped craft the state’s digital asset laws, called the move significant, suggesting Kraken may now be the largest company headquartered in the state. He added that the decision reflects both a desire for employee security and a strategic step toward Kraken’s anticipated public offering in 2026.
Kraken’s move comes after several years of presence and investment in the state. The company was the first to be approved as a Special Purpose Depository Institution (SPDI) in Wyoming — a type of bank specifically created to hold digital assets. While SPDIs like Kraken and Custodia Bank are still waiting on master account approvals from the Federal Reserve, Kraken’s decision to headquarter in Cheyenne signals continued confidence in Wyoming’s approach.
Since 2016, Wyoming has passed over 40 laws aimed at supporting blockchain and digital asset businesses, including comprehensive consumer protection measures and business-friendly structures like the SPDI framework.
“Wyoming may be small in size, but it consistently punches above its weight in the crypto world,” Rutar said. “Its early embrace of digital assets and bold regulatory leadership show that it’s a place where innovation thrives.”
Caitlin Long, founder of Custodia Bank and a longtime advocate for digital finance in Wyoming, said Kraken has quietly contributed to the state’s crypto ecosystem for years through sponsorships and partnerships, including with the University of Wyoming and Cheyenne Frontier Days.
“They’ve been here the whole time, investing in the community,” she said.
Wyoming officials, including Rep. Daniel Singh (R-Cheyenne), say the state remains committed to strengthening its regulatory framework to attract more companies like Kraken. Singh noted that lawmakers are working with international partners and industry experts to refine policies that make Wyoming competitive in the digital economy.
“Our government is really accessible,” Singh said. “Being in a smaller state allows for industry insights to directly shape policy. This is an innovative process and we’re ahead of the game.”
Wyoming Senator Cynthia Lummis has also been a vocal proponent of digital asset legislation at the federal level, supporting efforts that prioritize responsible innovation and market freedom.
