German stock exchange operator Deutsche Börse will invest $200 million in Kraken’s parent company, Payward. The deal, subject to regulatory approval, gives Deutsche Börse a 1.5% stake and deepens a strategic partnership aimed at developing products for regulated crypto and tokenized assets. This investment highlights growing institutional interest from traditional finance in the cryptocurrency sector.
Deutsche Börse announced a $200 million investment in Payward, the parent company of crypto exchange Kraken. The investment, expected to close in the second quarter, will grant the German exchange operator a 1.5% fully diluted stake through a secondary share purchase.
This move expands an existing partnership formed in December 2025 to improve institutional access to regulated crypto products. The companies stated the collaboration aims to produce new offerings across trading, custody, and tokenized assets.
A Kraken spokesperson told the publication the deal builds towards integrating crypto and traditional finance. The deal was based on a secondary transaction involving existing shares and that it builds towards the two companies’ goal to bring crypto and TradFi closer as a “single, cohesive infrastructure for institutional clients,” the spokesperson said.
Kraken confidentially submitted a draft IPO registration to the SEC in November 2025, following an $800 million fundraising round. The funding round valued the company at $20 billion.
The exchange is one of the largest by daily trading volume, according to CoinMarketCap data. This investment signifies the accelerating interest from traditional financial institutions in the crypto industry.
Other major market operators are also deepening their crypto exposure. Nasdaq partnered with Kraken in March 2025 to develop an equities transformation gateway.
Intercontinental Exchange invested in crypto exchange OKX to bring NYSE-listed tokenized stocks to its platform. CME Group has announced plans to launch several new cryptocurrency futures contracts throughout 2026.
