TLDR

Deutsche Börse invested $200 million in Kraken parent Payward through a secondary share deal.
The deal gives Deutsche Börse a 1.5% fully diluted stake in Payward.
Bloomberg valued Payward at about $13.3 billion after the investment.
The companies aim to link trading, custody, settlement, and tokenised assets.
The transaction is expected to close in the second quarter, pending approvals.

Deutsche Börse has invested $200 million in Payward, the parent company of Kraken. The deal gives the German exchange group a 1.5% fully diluted stake. It also deepens ties between a major European market operator and one of the largest crypto exchanges.

The investment comes as Kraken expands beyond crypto trading and moves closer to public markets. Payward filed confidentially for a US listing in November. The deal is expected to close in the second quarter, subject to regulatory approval.

Partnership moves from cooperation to capital backing

Deutsche Börse said the deal will help both firms connect traditional finance with digital assets. In its statement, the company said the partnership would “leverage their complementary capabilities to bridge traditional financial markets and the digital asset economy.”

The company also said the partnership would cover “trading, custody, settlement, collateral management, and tokenised assets.” It added that the goal is to give institutional clients smoother access across both markets.

Kraken and Deutsche Börse had already started working together in December. At that time, they said they wanted to bridge traditional and digital markets. This new investment turns that earlier cooperation into a direct capital link.

The transaction is structured as a secondary deal. That means Deutsche Börse is buying existing shares rather than providing new primary funding to Payward.

Payward valuation drops as business growth continues

Bloomberg reported that the new deal values Payward at about $13.3 billion. That is lower than the company’s $20 billion valuation recorded in November. Even so, the investment adds support from a large financial market operator.

Payward reported $2.2 billion in adjusted revenue for 2025. The company has expanded beyond spot crypto trading and built more services for institutional clients. Those services include trading infrastructure and related financial products.

Kraken has also pursued deals to widen its business. In 2025, it completed five acquisitions. Its portfolio now includes NinjaTrader, Breakout, Backed Finance, and Magna.

Kraken co-CEO Arjun Sethi told DL News in September that more deals were in the pipeline. That strategy shows the company’s push into a broader financial services model.

Focus turns to market access and tokenised products

The Deutsche Börse relationship already includes work with 360T, one of the world’s largest foreign exchange trading venues. Kraken said last year that it would integrate directly with 360T. That move would give clients access to its liquidity pools.

Tokenised assets are also part of the plan. The firms said they were working to integrate Kraken’s xStocks product into the ecosystem of Frankfurt-based fintech firm 360X. xStocks are tokenised versions of US equities and ETFs.

Both companies are now aiming to build a more unified structure for institutional users. The deal shows how Deutsche Börse invests $200 million in Kraken parent Payward to expand access across both financial systems.

The post Deutsche Börse Invests $200 Million In Kraken Parent Payward Ahead Of IPO appeared first on CoinCentral.

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Filed under: News - @ April 14, 2026 7:31 pm