Deutsche Borse Buys $200 Million Stake in Kraken Parent Payward
Key Takeaways
- Deutsche Börse invested $200 million for a 1.5% fully diluted stake in Payward.
- Kraken’s parent Payward is valued at about $13.3 billion after the deal.
- Deal requires regulatory approval and is expected to close in Q2 2026.
Deutsche Borse Invests in Kraken
Deutsche Borse Group has taken a $200 million stake in Kraken's parent company, Payward Inc.
“Deutsche Börse Group acquires Kraken stake 14 April 2026 Germany Image: VisualProduction/stock”
The investment values Kraken at approximately $13.3 billion, down from the $20 billion valuation in November 2025.
The deal deepens the strategic partnership announced in December 2025.
The partnership spans trading, custody, settlement, collateral management, and tokenized assets.
The transaction is subject to regulatory approval and expected to close in the second quarter of 2026.
Bridging TradFi and Crypto
The partnership is designed to create a single, cohesive infrastructure for institutional clients.
Kraken will integrate with 360T to provide access to bank-grade FX liquidity.
The collaboration includes integrating Kraken-backed xStocks within 360X's ecosystem.
Payward reported $2.2 billion in adjusted revenue for 2025.
Market Context and IPO Plans
Kraken had confidentially filed for a U.S. IPO in November 2025 but put the process on hold.
“Deutsche Börse has acquired a $200 million stake in Kraken, valuing the crypto exchange at $13”
Kraken continues to prepare for a potential public listing while expanding its portfolio.
The deal reflects a broader trend of legacy financial firms moving into crypto.
Kraken Chief Security Officer addressed an extortion attempt, emphasizing no breach or risk to funds.
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