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Cryptocurrency exchange Kraken has dismissed its chief financial officer, Stephanie Lemmerman, as the company moves forward with plans to go public in the United States.
According to a Feb. 10 report from CoinDesk, Lemmerman has transitioned into a strategic advisory role. She joined Kraken in November 2024 and served as CFO for roughly 16 months.
Sources cited in the report said Robert Moore, previously Kraken’s vice president of business expansion, has effectively assumed the chief financial responsibilities. Kraken’s parent company website lists Moore as deputy CFO, while Lemmerman no longer appears on the leadership page.
The leadership shift comes as Kraken prepares for an initial public offering. The company confidentially filed for an IPO in November, roughly one year after completing an $800 million funding round that valued the firm at $20 billion.
People familiar with the matter told CoinDesk that the company’s finance function is evolving beyond traditional back-office operations, increasingly aligning with product strategy and growth initiatives. The extent of that restructuring has not been publicly detailed.
Kraken is among several cryptocurrency firms either pursuing public listings or completing them over the past year. The shift reflects a broader recalibration within the digital asset industry, where institutional capital has shown growing interest in infrastructure providers rather than speculative trading platforms.
Recent public debuts by firms such as Circle, Figure, Bullish, and Gemini have underscored that trend. These companies emphasize custody, payments infrastructure, compliance frameworks, and trading systems, areas that more closely align with public market expectations around revenue visibility and regulatory oversight.
Earlier waves of crypto IPO attempts often leaned heavily on trading volume and token activity metrics, which can fluctuate sharply during periods of lower market volatility. By contrast, the current generation of issuers has increasingly focused on recurring infrastructure revenue and institutional services.
