Why is Kraken parent Payward raising new funding?

Payward is reportedly raising capital to support acquisitions, expand its trading infrastructure business and strengthen operations ahead of a planned IPO. The company is seeking funding at a $20 billion valuation.

What valuation is Kraken parent Payward targeting?

Sources cited in the report said Payward is pursuing a fundraising round at a $20 billion valuation. That would place the company among the most valuable crypto infrastructure firms globally.

Why did Kraken reportedly delay its IPO plans earlier this year?

Reports suggested Payward paused IPO discussions because of weaker market conditions and broader uncertainty across crypto and public equity markets. The company still appears interested in eventually pursuing a listing when conditions improve.

What companies has Kraken acquired recently?

Payward recently acquired Reap for $600 million and Bitnomial for $550 million. The company is expanding aggressively into payments and derivatives infrastructure.

Why was the NinjaTrader acquisition important for Kraken?

The $1.5 billion acquisition of NinjaTrader gave Kraken a major foothold in US derivatives and futures markets. It also expanded the company’s reach beyond crypto spot trading into broader multi-asset trading infrastructure.

How is Kraken evolving beyond a crypto exchange?

Kraken has expanded into derivatives, staking, custody and institutional infrastructure services. The company is increasingly positioning itself as a full-service trading and financial platform rather than only a crypto exchange.

What does Deutsche Börse’s investment in Payward mean?

Deutsche Börse purchased a roughly 1.5% stake in Payward through a $200 million secondary transaction. The investment highlighted growing interest from traditional financial institutions in crypto infrastructure companies.

Kraken parent seeks funding at $20B valuation

Q: Is Kraken preparing for an IPO?

Yes, Kraken’s parent company has already confidentially filed a draft S-1 registration statement with the US Securities and Exchange Commission. Co-chief executive Arjun Sethi recently said the company is “80% ready” to go public.

Written by Brie CarterPublished May. 12 2026

Payward is seeking fresh funding at a $20 billion valuation as the crypto exchange operator accelerates acquisitions and prepares for a potential public listing, according to people familiar with the matter.

The fundraising effort follows a series of major acquisitions including stablecoin payments company Reap for $600 million and digital asset derivatives platform Bitnomial for $550 million.

Payward’s largest transaction came in 2025 with the $1.5 billion acquisition of NinjaTrader, which significantly expanded Kraken’s presence in US derivatives markets and futures trading infrastructure.

Kraken co-chief executive Arjun Sethi said at Consensus Miami last week that the exchange was “80% ready” to go public as the company continued laying the groundwork for a future IPO.

The company confidentially filed a draft S-1 registration statement with the US Securities and Exchange Commission in November, although reports earlier this year suggested Payward had paused IPO plans due to weaker market conditions.

Deutsche Börse disclosed in April that it had acquired a roughly 1.5% stake in Payward through a $200 million secondary share transaction that valued the company at approximately $13.3 billion.

Kraken has expanded beyond spot crypto trading into derivatives, staking, custody and broader multi-asset financial infrastructure as it seeks to position itself as a full-service institutional and retail trading platform.