Deutsche Börse Invests $200M in Kraken’s Parent Firm

Deutsche Börse Group has invested $200 million to acquire a 1.5% stake in Payward Inc., the parent company of cryptocurrency exchange Kraken. The deal, completed through a secondary market transaction involving existing shares, is subject to regulatory approval and is expected to close in the second quarter of 2026.

According to Bloomberg, the investment values Payward at around $13.3 billion. Note that this figure is below the $20 billion valuation Kraken achieved after raising $800 million in November 2025.

Deutsche Börse Bets Big on Kraken

By purchasing shares on the secondary market rather than injecting fresh capital, Deutsche Börse is positioning itself to support institutional investors seeking broader access to blockchain-based securities. Kraken, meanwhile, continues preparations for a potential initial public offering in the United States, even as crypto markets have experienced volatility since late last year.

The move reflects growing ties between traditional finance and crypto platforms. In recent fundraising rounds, Kraken secured $200 million from Citadel Securities in November 2025 as part of a larger effort, following a $500 million raise in September 2025 at a $15 billion valuation.

The crypto exchange has also shown strong performance, with full-year 2025 revenue exceeding $2.2 billion. Deutsche Börse brings years of experience in regulated exchanges, while Kraken contributes its expertise in cryptocurrency and liquidity. The partnership aims to facilitate smoother transitions for clients between traditional money and digital assets. 

Kraken-360T Partnership Boosts Liquidity

The investment builds on an existing collaboration announced in December 2025 between Kraken and 360T, a Deutsche Börse subsidiary specializing in foreign exchange trading. The partnership aims to create a direct connection that enhances trading, custody, settlement, collateral management, and tokenized assets.

For Kraken’s clients, the alliance opens access to deep, bank-level liquidity in global currency markets. In exchange, Deutsche Börse’s institutional customers gain improved access to regulated crypto products and derivatives via Kraken’s platform. The two-way linkage is designed to benefit participants in both the United States and Europe.

Additionally, Kraken’s Embed technology will allow banks and fintech firms to integrate compliant crypto services for their own customers. The strategic stake and deepened collaboration highlight Deutsche Börse’s bet on Kraken’s expertise in cryptocurrency and liquidity, while leveraging the German exchange operator’s long experience in regulated markets to bridge traditional money and digital assets.