Deutsche Börse said Tuesday it will invest $200 million in Payward, the parent of crypto exchange Kraken, deepening ties as it expands further into digital assets.
The investment—subject to regulatory approval and expected to close in the second quarter—will give Deutsche Börse a 1.5% fully diluted stake in Kraken through a secondary share purchase.
The move highlights increasing interest from traditional finance institutions in the crypto sector. It forms part of Deutsche Börse’s broader strategy to expand access to blockchain-based securities and tokenized investment products, building on its earlier partnership with Kraken.
On Dec. 4, 2025, the two firms announced a strategic collaboration aimed at improving institutional access to regulated crypto offerings, including spot trading, tokenized markets and derivatives. The partnership also includes integrating Kraken-backed xStocks into Deutsche Börse’s digital asset platform, 360X.
Deutsche Börse said the collaboration is expected to drive new product development across trading, custody, settlement, collateral management and tokenized assets.
Kraken previously disclosed on Nov. 19, 2025, that it had confidentially filed a draft registration statement with the Securities and Exchange Commission for a potential initial public offering, shortly after announcing an $800 million fundraising round that valued the company at $20 billion.
Kraken ranks among the largest cryptocurrency exchanges by daily trading volume, according to CoinMarketCap data.
The company did not immediately respond to a request for comment.
TradFi institutions expand into crypto
The investment comes as major financial players continue to deepen their involvement in digital assets.
On March 9, Nasdaq—the world’s second-largest exchange by market capitalization—partnered with Kraken and its infrastructure arm, Backed, to develop an equities transformation gateway. The initiative builds on Nasdaq’s tokenization proposal submitted to US regulators in September 2025.
A week earlier, Intercontinental Exchange invested in crypto exchange OKX to introduce NYSE-listed tokenized stocks, with a planned launch in the second quarter of 2026.
In January, CME Group—the largest derivatives marketplace by volume—announced plans to roll out crypto futures tied to Cardano (ADA), Chainlink (LINK) and Stellar (XLM). On April 6, CME added that it intends to introduce futures contracts for Avalanche (AVAX) and Sui (SUI) starting May 4, pending regulatory approval.
