FRANKFURT, April 14, 2026 — Deutsche Börse AG said it will invest $200 million in Payward Inc., the parent company of crypto exchange Kraken, in a transaction that expands links between traditional market infrastructure and digital-asset trading venues.
The purchase of existing shares will give Deutsche Börse a 1.5% fully diluted stake in Payward and is expected to close in the second quarter, subject to regulatory approvals, according to a company statement reported by Bloomberg. The identity of the selling shareholder was not disclosed.
Based on the disclosed stake size and investment amount, the transaction values Payward at about $13.3 billion on a fully diluted basis, according to Bloomberg calculations. Kraken was valued at $20 billion in a November share sale.
Strategic push into blockchain-based market infrastructure
Deutsche Börse said the investment forms part of its strategy to expand access to a broader range of securities over blockchain-based rails and to integrate traditional and digital market infrastructure.
Thomas Book, a member of Deutsche Börse’s management board, said the company aims to build an integrated value chain for assets regardless of whether they are traditional, tokenized, or natively digital.
The investment follows a partnership announced in December under which Kraken was set to integrate with Deutsche Börse’s foreign-exchange trading platform 360T.
Institutional adoption trend gathers pace
The transaction adds to a broader pattern of established financial firms increasing exposure to digital assets and tokenized market infrastructure.
Kraken, one of the oldest crypto exchanges, said in November it had raised $800 million in a funding round valuing the business at $20 billion. Bloomberg has also reported the company filed confidentially for a U.S. initial public offering.
Recent developments
Kraken said this week it had identified an extortion attempt by a criminal group claiming access to certain client account information. The company said client funds were not at risk, according to Bloomberg.
