Kraken’s parent company Payward has secured a $200 million strategic investment from Deutsche Börse Group, as the crypto exchange continues to prepare for a potential U.S. public listing.

The deal

The deal gives Deutsche Börse a 1.5% fully diluted stake in Payward, implying a valuation of roughly $13.3 billion — down from the $20 billion valuation Kraken carried last November.

It is expected to close in the second quarter, subject to regulatory approval.

A Kraken spokesperson confirmed the investment, stating:

“We are proud of what this moment represents.”

From partnership to capital commitment

The two firms first struck a partnership last year with a shared goal of linking traditional and crypto markets for institutional clients.

Kraken operates one of the largest global cryptocurrency exchanges, while Deutsche Börse runs major trading venues including the Frankfurt Stock Exchange and provides clearing infrastructure across Europe.

The latest investment signals that the relationship has moved beyond collaboration into capital commitment, with both sides focused on building “a single, cohesive infrastructure for institutional clients.”

IPO backdrop and prior funding

Kraken confidentially filed for a U.S. IPO last November, shortly after receiving a separate $200 million investment from Citadel Securities at the $20 billion valuation.

The Deutsche Börse deal comes in at a lower implied valuation, reflecting shifting market conditions since that filing.

Payward reported $2.2 billion in adjusted revenue for 2025, attributing the growth to an expansion beyond spot trading into a wider range of financial services.

The company has also been growing through acquisitions and partnerships as it builds toward a public listing.