Deutsche Börse bets $200m on Kraken at $13.3bn implied value
Deutsche Börse will invest $200 million in Payward, the parent entity of crypto exchange Kraken, acquiring a fully diluted stake of 1.5%, the Frankfurt-based exchange operator confirmed. The transaction values Kraken at approximately $13.3 billion and remains subject to regulatory approval.
The investment formalises a commercial relationship that dates to December 2025, when the two companies announced a partnership to bridge traditional and digital markets and speed institutional crypto adoption in Europe. The equity stake converts that strategic alignment into a financial commitment.
For Deutsche Börse, which operates one of Europe's largest financial market infrastructures, the deal represents a direct equity exposure to one of the longer-standing US crypto exchanges rather than a product-level arrangement. For Kraken, the backing of a regulated European exchange operator provides institutional credibility at a moment when the firm is pursuing expansion, including its pending acquisition of US futures broker NinjaTrader.
