Wyoming LLC Formations Surge Past Every State Except Delaware

Wyoming is for LLCs, Kraken Trump Accounts, and DUNAs

Wyoming LLC Formations Surge Past Every State Except Delaware Wyoming is for LLCs, Kraken Trump Accounts, and DUNAs February 27, 2026 Key Takeaways: Wyoming LLC formations overtook every U.S. state except Delaware since 2015, per a16z data published February 27. The "cowboy cocktail" combines asset protection, privacy, and no state income tax into the most business-friendly LLC structure in the country. Kraken will sponsor federally seeded Trump Accounts for every Wyoming newborn in 2026, deepening crypto's presence in the state. On Thursday, a16z published data showing Wyoming LLC formations took off around 2015 and have since overtaken every state except Delaware. The driver is what Wyoming calls the cowboy cocktail: asset protection, no state income tax, charging order protections for LLC members, and a privacy framework that does not require public disclosure of ownership. For crypto, the appeal goes further. Wyoming was the first state to legally recognize decentralized autonomous organizations and created the Special Purpose Depository Institution framework that lets digital asset companies operate as banks. Kraken became the first SPDI under Wyoming law and moved its global headquarters to Cheyenne. On February 16, Kraken announced it would sponsor Trump Accounts for every child born in Wyoming in 2026. Senator Cynthia Lummis delivered the news to the legislature. Trump Accounts are federally seeded $1,000 savings plans for children born between 2025 and 2028. Delaware still leads total corporate formations and gained share through 2025. But for LLCs specifically, the Wyoming trend line is hard to argue with. The DExit narrative is more nuanced than headlines suggest, but the data is clear on one thing: for the entity type that startups, crypto companies, and