Deutsche Börse Invests $200 Million in Kraken Parent Payward to Expand Crypto Push

Germany’s Deutsche Börse has acquired a $200 million minority position in Payward Inc., the parent of crypto exchange Kraken, securing a 1.5% fully diluted stake that values the trading platform at roughly $13.3 billion.

According to Bloomberg, the secondary share purchase is slated to close in the second quarter of 2026 once regulatory clearance is obtained.

The transaction deepens a strategic partnership first struck in December 2025 between the Frankfurt exchange operator and Kraken.

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It arrives as traditional finance giants race to plant flags in digital asset infrastructure, with NYSE owner Intercontinental Exchange recently backing ICE invests in OKX rival crypto exchange OKX at a $25 billion valuation.

Deutsche Börse Builds Hybrid Market Infrastructure With Kraken

The expanded alliance covers regulated crypto trading, tokenized financial products, derivatives offerings, and tailored liquidity provisions for institutional clients operating across diverse international markets.

Custody, settlement, collateral management, and asset tokenization services are now being unified within a single operational framework for professional market participants. Deutsche Börse’s move into Deutsche Börse custody further strengthens its push into a hybrid market infrastructure.

Thomas Book, a member of Deutsche Börse’s management board, called Kraken “a perfect partner for us to further accelerate on this path of creating a fully hybrid market infrastructure.” 

Book emphasized the aim to build “one integrated value chain” regardless of whether an asset is tokenized or fully digital.

The German group has been wiring its businesses toward that hybrid vision for several months now. 

Its Clearstream unit launched a tokenized securities trading platform in November, while foreign-exchange venue 360T is lined up to integrate directly with Kraken under the terms of the earlier accord.

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Kraken IPO Nears as Crypto Market Turbulence Deepens

The investment lands just ahead of Kraken’s planned US public listing, for which the firm filed a confidential draft S-1 in November. 

An $800 million funding round was completed that same month, which valued the exchange at $20 billion, roughly a third higher than the figure implied by Deutsche Börse’s latest purchase.

Additionally, Kraken’s institutional trajectory has been reinforced by key regulatory wins on both sides of the Atlantic, including a recent Kraken regulatory approval milestone.

The company became the first crypto firm to gain access to the Federal Reserve’s core payments system in March, though the approval later drew scrutiny from US lawmakers questioning the Fed’s transparency.

The deal arrives with Bitcoin trading near $74,300, still roughly 40% below its October 2025 record of $126,198, yet institutional appetite for digital asset infrastructure remains undimmed. A Kraken spokesperson said today’s tie-up reflects “the trust that has developed on both sides.”