- Deutsche Börse AG bought a $200 million stake in Kraken’s parent company.
- The two announced they were working together last year to bridge crypto and TradFi.
- Kraken has made a number of deals over the past year.
Deutsche Börse AG said Tuesday that it invested $200 million in Kraken’s parent company, Payward, as the American crypto exchange pushes further into the traditional finance world.
The German finance firm, which runs the Frankfurt Stock Exchange, said the deal was to “leverage their complementary capabilities to bridge traditional financial markets and the digital asset economy.” The deal — secondary transaction — sees Deutsche Börse AG buy existing shares, giving it a 1.5% fully diluted stake in the company.
“Spanning trading, custody, settlement, collateral management, and tokenised assets, the partnership will unlock a new range of enhanced products and services that deliver frictionless access to both ecosystems, creating a holistic experience for institutional clients,” the firm said in a statement.
Kraken — like other crypto exchanges — is pushing into the traditional finance world, allowing users to trade stocks, bonds, and other assets. It is even selling one of its products, the Krak mobile money app, as a “primary account for everything.”
The company made five acquisitions in 2025. Kraken co-CEO Arjun Sethi told DL News in September that the crypto exchange had more deals lined up.
Bridging TradFi and digital
Kraken and Deutsche Börse first said they were working together in December in a “partnership to bridge traditional and digital markets.”
The idea is that to break down barriers so funds can flow across both ecosystems with little friction.
Kraken last year said it would integrate directly with 360T, a Deutsche Börse Group subsidiary and one of the world’s largest foreign-exchange trading venues, to give clients access to its liquidity pools.
Tokenisation is playing a part, too. The two firms said they were working to integrate Kraken’s xStocks product — tokenised representations of US equities and ETFs — within Frankfurt-based fintech company 360X’s ecosystem.
Kraken did not immediately respond to questions from DL News.
Lots of deals
Kraken’s latest deal comes as the company expands its portfolio — within the digital asset space and outside of it.
Kraken’s portfolio now includes futures trading platform NinjaTrade, which it bought for $1.5 billion, proprietary trading form Breakout, tokenised assets platform Backed Finance, and token management platform Magna.
Mathew Di Salvo is a news correspondent with DL News. Got a tip? Email at mdisalvo@dlnews.com.
