German exchange operator Deutsche Börse Group has agreed to acquire a 1.5% fully diluted stake in crypto platform Kraken’s parent company, Payward, Inc., for $200 million, the company said on Tuesday.
The deal is structured as a secondary transaction, meaning Deutsche Börse Group is buying shares from existing Payward shareholders rather than injecting capital into the company’s treasury. Closing is expected in Q2, subject to regulatory approvals and customary closing conditions.
The investment deepens a strategic partnership announced in December 2025, which outlined collaboration across trading, custody, settlement, collateral management, tokenized assets, and derivatives. That earlier announcement included integrations involving Deutsche Börse Group’s 360T FX platform, its Crypto Finance and Clearstream units, and Kraken’s institutional and embedded products.
Deutsche Börse Group said it’s building what it calls a “hybrid market infrastructure,” a setup designed to process traditional securities and blockchain-native tokens within a shared liquidity environment for institutional clients.
Kraken has been expanding beyond crypto trading in recent months, including a move into commission-free equities. The company paused its IPO plans in March 2026 amid difficult market conditions, according to Reuters.
