German financial giant Deutsche Börse Group announced it has made a strategic investment of $200 million in Payward, the parent company of cryptocurrency exchange Kraken.
The investment is noteworthy because it comes as Kraken is preparing for a possible initial public offering in the US.
Company officials stated that the investment is an extension of a collaboration initiated months ago between the two institutions. Under the agreement, Deutsche Börse Group will hold approximately 1.5 percent of Payward’s shares, and this investment reportedly values the company at around $13.3 billion.
This figure falls below the $20 billion valuation discussed in November. The transaction is expected to be completed in the second quarter of the year, following regulatory approvals.
Kraken operates as one of the largest cryptocurrency exchanges globally, while Deutsche Börse Group manages significant trading and clearing infrastructure across Europe, most notably the Frankfurt Stock Exchange. The two companies partnered last year with the goal of further integrating traditional finance and cryptocurrency markets.
The new investment indicates that this collaboration has been taken to a more advanced stage, with the parties now moving towards not only operational but also capital-based integration. The companies emphasize their goal of creating a single integrated financial infrastructure for institutional investors.
On the other hand, it was stated that Payward generated adjusted revenue of $2.2 billion in 2025 and owes its growth to expanding beyond spot transactions and diversifying into different financial services.
*This is not investment advice.
