Deutsche Börse Takes Stake in Kraken, Valuing Company at $13.3 Billion

Deutsche Börse has invested $200 million in Payward Inc., the parent company of crypto exchange Kraken, as part of its strategy to expand access to tokenized investment products and blockchain-based securities.

The deal will give Deutsche Börse a 1.5% fully diluted stake in Kraken's valuation, which has been set at around $13.3 billion. This represents a decline from the $20 billion valuation that Kraken carried during an $800 million fundraising round in November 2025.

The investment is seen as a step towards building a 'single, cohesive infrastructure for institutional clients', according to a Kraken spokesperson. Deutsche Börse has framed the deal as part of its efforts to bring crypto and traditional finance closer together rather than keeping them separate systems.