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The deal comes at a time when Kraken is preparing for a potential initial public offering (IPO) in the United States.
Strategic Partnership Becomes an Equity Connection
The investment expands the existing collaboration between the two companies, which began several months ago with the goal of building a shared infrastructure for institutional clients. With the new deal, Deutsche Börse transitions from partner to shareholder, signaling a deeper commitment to the crypto sector.
According to the company, the focus is on creating a “unified financial infrastructure” to bridge traditional markets with digital assets. This includes the integration of trading, clearing, and access to crypto products within a single ecosystem.
Lower Valuation Ahead of Public Offering
The transaction values Payward at approximately $13.3 billion—significantly lower than the roughly $20 billion valuation seen during its previous funding round in November, which included Citadel Securities as an investor.
This decline in valuation reflects a more cautious environment for crypto companies and a broader correction within the sector.
Nevertheless, the investment from a major European market operator is viewed as a sign of long-term confidence.
Preparing for the IPO
Kraken has already filed confidential documents for a public offering in the U.S., with the IPO regarded as the next key step in the company’s evolution. The deal with Deutsche Börse could strengthen its position before investors, particularly among institutional participants.
The company is expanding its operations beyond traditional spot trading by offering a wider range of financial services. In 2025, Payward reported approximately $2.2 billion in adjusted revenue, supported by this diversification.
What This Means for the Market
The investment highlights the accelerating convergence between traditional financial institutions and the crypto sector. Unlike previous cycles, where major exchange operators remained cautious, this move demonstrates deeper integration and strategic positioning.
For Kraken, the deal provides not only capital but also access to infrastructure and expertise that could be vital in attracting broader institutional capital.
Bottom line: As Kraken moves toward public markets, the investment from Deutsche Börse signals that the line between traditional finance and the crypto industry continues to blur—a trend likely to intensify as new institutional players enter the space.