How to Read Kraken’s Proof of Reserves—and Its Limits

Kraken has released its June 2026 proof-of-reserves snapshot, a report that distinguishes between customer-balance inclusion and on-chain wallet control—two metrics that, on their own, do not guarantee either solvency or withdrawal access. The exchange's attestation confirms that customer balances are recorded in the snapshot, but inclusion of an account in the audit does not by itself verify that corresponding assets are held in wallets the exchange controls. Conversely, wallet control alone does not prove that customer liabilities are fully covered, since reserves must be matched against obligations to establish solvency. The distinction matters because past exchange failures have shown that partial attestations can mask gaps between what customers are owed and what exchanges actually hold. For market participants, the key items to watch are whether Kraken publishes a matching liabilities report and whether third-party auditors verify wallet custody alongside balance inclusion.