There are many spiritual benefits to this asana. It energizes the first three chakras: muladhara (root), svadisthana (spleen or sacral) and manipura (solar plexus or navel). Opening these chakras helps promote a sense of stability, productivity and self-acceptance.
It is also good to practice mula bandha (root lock) and uddiyana bandha (upward abdominal lock) in this asana. Engaging mula bandha and the root chakra symbolizes spiritual potential/energy. Practicing uddiyana bandha helps lead that energy upward and aids the practitioner in controlling the body and its strength.
Although it requires a lot of work and flexibility to learn this pose, it eventually becomes a resting pose. It is a preparatory pose for sirsasana (headstand) and sometimes is even practiced as its alternative. This asana brings a sense of calmness to the body and mind and has a cooling effect on the brain.