It looks like Kraken is making use of its common stock, even before going public.

Kran, which recently filed for an IPO that is likely to be concluded in 2026, has announced that it is introducing something called the Market Participation Program, described as a transparent, time-bound structure that Kraken’s largest clients (by trading volume) can qualify for, subject to standard compliance and eligibility requirements.

Participants who contribute significantly to market liquidity and trading activity can earn Kraken-equity-linked incentives in the form of warrants, what Kraken calls a first-of-its-kind approach among global Tier 1 crypto exchanges.

The equity-linked incentives earned will be awarded as warrants exercisable for Kraken common stock.

By tying rewards to its long-term success, Kraken said it is creating shared alignment between its business and the exchange’s most active participants. The more Kraken’s markets thrive, the more everyone benefits – traders, investors and the broader crypto ecosystem.

Based on transparency and fairness, the Market Participation Program is open, competitive and rule-based – a clear, equitable path for qualified participants to contribute and be rewarded.

Liquidity and the power of partnerships

Kraken said that partnerships are where lasting success begins. It is the force that turns ambition into progress and progress into shared achievement. The company believes that when people and purpose align, something greater than any one company takes shape, a living network of trust, innovation and resilience.

When alignment among participants and healthy competition coexist in a level playing field, integrity sits at the core and markets can evolve. Liquidity strengthens and participation widens, improving market conditions for all of clients.

Every collaboration, every shared initiative, adds strength to the exchange itself. This is the first initiative but it won’t be an isolated effort; this is the first thread in a larger tapestry that will support market health and liquidity.

The Market Participation Program looks beyond the immediate horizon and invests in a future built on success, consistency and shared conviction. The success of Kraken’s partners becomes its own, and in that mutual growth, Kraken becomes more than an exchange; it becomes a catalyst for lasting progress across the digital economy.

Looking ahead

As Kraken continues scaling its infrastructure and preparing for the next phase of growth, the company said it is focused on programs that align client success with its mission: accelerating the global adoption of cryptocurrency through sound, transparent markets.