Kraken, valued at $20 billion following an $800 million funding round, may be undervalued according to a new Artemis report. Despite pausing its IPO plans due to market conditions, Kraken has made significant strides, including securing a Federal Reserve master account, acquiring derivative clearing infrastructure, and launching the largest tokenized stock product globally. These developments suggest that Kraken's valuation reflects only its crypto exchange identity, overlooking its potential in clearing, tokenization, and banking services. Kraken's recent achievements include acquiring Bitnomial, which grants it all necessary CFTC licenses for U.S. crypto derivatives, and partnering with Nasdaq to develop a tokenized assets channel. Additionally, Kraken's xStocks product, with $323 million in AUM, positions it as a leader in tokenized securities. The company's diversified revenue streams and regulatory advancements highlight its potential beyond a traditional exchange, suggesting that its current valuation may not fully capture its growth prospects.