Patrick Daugherty Comments on Kraken’s Recent C-Suite Additions

Foley & Lardner LLP Partner Patrick Daugherty is quoted in The Block article, “Kraken’s team is flush with IPO talent, even if it’s not quite the right time,” discussing the recent hires of seasoned executives by Kraken, the crypto exchange.

“If they do [have more independent directors], that’s probably a sign of two things,” said Daugherty. “One is maturity, as that’s the right way to do it. And it could also be a sign that they’re looking to go public, either by de-SPAC or IPO.”

Daugherty noted, however, that both routes offer their own difficulties, given the current challenging IPO environment and the increased regulatory scrutiny on crypto companies attempting to list via SPAC.

“Regardless of the intent, regardless of the particular path, adding somebody who’s very experienced in traditional capital markets is a good thing for a crypto exchange as it grows and tries to fit into the broader financial services industry,” Daugherty added.