Dave Ripley, the current chief operating officer, will succeed Mr. Powell.

Kraken’s largest shareholder, Mr. Powell will remain on the board as chairman. He plans to stay active in the company, spending his time on product development and industry advocacy.

Kraken was founded in 2011, about two years after bitcoin’s launch. It is currently the fourth-largest crypto exchange measured by spot-trading volume, according to CoinMarketCap. Though it is incorporated in Delaware, the company’s largest markets are in Europe.

It was most recently valued at $10.8 billion, according to PitchBook, and has about 3,200 employees.