Deutsche Borse Group Invests $200 Million in Kraken’s Parent Company Payward

Deutsche Borse Group has announced a $200 million strategic investment in Payward, the parent company of Kraken. This is a significant step in the evolving relationship between traditional finance and the cryptocurrency sector. The investment grants Deutsche Borse a 1.5% fully diluted stake in Payward, implying a valuation of approximately $13.3 billion. 

According to Bloomberg, this value is down from $20 billion in November. The deal is expected to close in the second quarter, subject to regulatory approval.

Market Integration

Payward operates Kraken, one of the world’s largest crypto exchanges, while Deutsche Borse oversees major financial infrastructure, which includes the Frankfurt Stock Exchange. The two companies had already entered into a strategic partnership last year aimed at bridging traditional financial systems with digital asset markets. 

According to a spokesperson, “Today, Deutsche Borse Group announced a $200 million strategic investment in Payward, the unified financial infrastructure platform that powers a family of products, including Kraken. We are proud of what this moment represents.”

The move comes as Payward advances toward a potential U.S. initial public offering (IPO). The company filed for an IPO in late 2025 and has been actively expanding through acquisitions and partnerships. The firm reported $2.2 billion in adjusted revenue for 2025, driven by diversification beyond spot trading into broader financial services.