Deutsche Börse AG announced Tuesday that it has pledged $200 million to Kraken parent Payward Inc., a move that cements a long-term partnership between the German premier exchange operator and the crypto heavyweight.
The deal gives Deutsche Börse a minority stake in the company and values Kraken at approximately $13.3 billion per Bloomberg’s assessment.
Deepening a strategic tie-up
The move advances a shared strategy to integrate regulated crypto markets and tokenized assets into traditional financial infrastructure.
Deutsche Börse, which operates the Frankfurt Stock Exchange and the Eurex derivatives platform, formed a strategic partnership with Kraken in late 2025 to deliver frictionless institutional access across trading, custody, and tokenized assets.
The collaboration began with direct integration between Kraken and 360T to bolster FX liquidity and improve fiat on- and off-ramps through bank-grade execution. It has since expanded into institutional crypto distribution via Kraken Embed, enabling white-label crypto services for banks and fintechs across Europe and the US.
The partnership now extends into derivatives and custody, with plans to bring Eurex-listed products to Kraken subject to regulatory approval.
On the tokenization front, the firms have integrated xStocks into 360X and continue to explore the tokenized distribution of Clearstream-held securities to Kraken clients.
The latest development reinforces plans to develop a unified, hybrid market system that processes both conventional securities and blockchain-native assets under one liquidity framework, subject to regulatory approval.
Kraken pauses IPO plans
Kraken has put its IPO plans on hold, stepping back from a planned public listing as crypto markets face sustained weakness. The exchange had filed confidentially with regulators and was backed by strong investor interest following an $800 million raise at a $20 billion valuation.
However, deteriorating market conditions have shifted the outlook, with Bitcoin down roughly 41% from its peak and trading near $74,500, alongside reduced liquidity and weaker demand for crypto equities.
Kraken is waiting for improved conditions after a wave of recent crypto IPOs delivered mixed or negative post-listing performance.
