Kraken co-CEO to acquire Wyoming bank for $5.5M

Arjun Sethi, co-CEO of crypto exchange Kraken, has agreed to acquire Wyoming-based Summit National Bank for $5.5 million, according to a post on X by Bank Reg Blog. The bank's parent company is currently undergoing bankruptcy proceedings, and the acquisition is subject to approval by a bankruptcy court. Meanwhile, Kraken's parent company, Payward, is preparing for an initial public offering (IPO), having filed an application with the U.S. SEC last November.