Kraken is filling its C-suite with seasoned executives experienced in taking companies public even as the crypto and initial public offering markets are struggling through equally bad dry spells. So, what gives?

The firm appears to be betting that the short-term pain being felt in digital assets today will be transitory, and seems to be positioning itself for the long-term — and a listing of some kind.

The crypto exchange last month appointed Dan Ciporin, CEO of a special purpose acquisition vehicle (SPAC), to its board of directors. It has also hired highly experienced financial executives including C.J. Rinaldi as chief compliance officer and Carrie Dolan as its chief financial officer, as well as appointed Blair Halliday and Guy Hirsch as managing directors for the U.K. and U.S. respectively.