Deutsche Börse buys $200M for 1.5% of Kraken parent

Deutsche Börse announced a $200 million purchase of existing shares in Payward, the parent company of crypto exchange Kraken, giving it a 1.5% fully diluted stake. The transaction is a secondary share purchase, requires regulatory approval and is expected to close in the second quarter.

The exchange operator said the equity purchase builds on its strategic collaboration with Kraken as it expands offerings in digital assets. Deutsche Börse plans to use its partnership to provide access to blockchain-based securities and tokenized investment products through its digital infrastructure.

A secondary share purchase means Deutsche Börse will buy shares from current holders rather than receive newly issued stock. The company described the deal as part of ongoing work to integrate crypto services into its markets.

The firms began a strategic partnership on Dec. 4, 2025, to increase institutional access to regulated crypto products, including spot trading, tokenized markets and derivatives. The agreement covers plans to integrate Kraken-backed xStocks into Deutsche Börse’s digital asset platform, 360X, and to develop services across trading, custody, settlement, collateral management and tokenized assets.

Kraken filed a confidential draft registration statement with the U.S. Securities and Exchange Commission on Nov. 19, 2025, for a proposed initial public offering. That disclosure followed an $800 million fundraising round that valued the company at $20 billion. According to the Kraken review, the exchange ranks among the largest cryptocurrency exchanges by daily trading volume.

Other major market operators have announced initiatives that link traditional market infrastructure with crypto offerings. Nasdaq announced a collaboration with Kraken and its infrastructure arm, Backed, on March 9 to develop an equities transformation gateway. Intercontinental Exchange invested in crypto exchange OKX to support NYSE-listed tokenized stocks slated to begin in the second quarter of 2026. CME Group announced plans earlier this year to launch futures tied to Cardano, Chainlink and Stellar, and to add Avalanche and Sui futures starting May 4, subject to regulatory approval.

The planned share purchase remains subject to regulatory clearance and is scheduled to complete in the second quarter if approvals are obtained.