There are many reported benefits of chakrasana. It is thought that as well as releasing physical tightness in the spine and body, the heart opening effects of the posture can help release emotional disturbances. Some describe this effect as unblocking energy that has become stuck in the heart chakra. Others see the posture as having more of a balancing effect on the energy of the heart chakra.
Chakrasana is mentioned very early on in ancient yogic texts. It was one of the 84 asanas of Lord Shiva’s classic yoga, referenced in the "Hatha Ratnavali" around 1600 C.E.