Payward, the parent company of cryptocurrency platform Kraken, is raising new funding at a valuation of $20 billion, according to two people familiar with the matter.
Kraken declined to comment on the raise.
The latest round of funding comes as the company ramps up spending on acquisitions.
It recently acquired stablecoin-focused payments company Reap for $600 million and digital asset derivatives platform Bitnomial for $550 million to continue building scale ahead of a planned IPO. Payward was valued at $20 billion in both transactions.
Its largest transaction occurred in 2025, when it acquired NinjaTrader, a U.S.-based retail futures platform and CFTC-registered futures commission merchant, for $1.5 billion. The acquisition gives Kraken a major foothold in the U.S. derivatives market while expanding its reach to a broad range of active futures traders.
Payward said it confidentially filed a draft S-1 registration statement with the U.S. Securities and Exchange Commission on Nov. 19, marking the first step toward a potential public listing.
CoinDesk reported in March that the company had paused its IPO plans due to unfavorable market conditions. The company remains interested in going public, but may only do so after market conditions improve, sources said.
At last week’s Consensus conference in Miami, Payward and Kraken co-CEO Arjun Sethi said the exchange was “80% ready” to go public.
Kraken is a U.S.-based cryptocurrency exchange that allows users to buy, sell, and trade digital assets, including Bitcoin and Ethereum, using fiat currencies or cryptocurrencies. The company has expanded beyond spot trading into products such as derivatives, staking and custody, transforming itself into a broader full-service crypto platform.
In recent years, the Wyoming-based company has adopted a more focused but strategic acquisition strategy, aiming to expand beyond core cryptocurrency trading into derivatives and broader multi-asset market infrastructure.
Deutsche Börse shares
The Frankfurt Stock Exchange and Deutsche Börse (DB1), owner of Xetra, announced in April that it had taken a $200 million stake in Payward.
The stake was acquired through a secondary sale of shares and represents approximately 1.5% of the company’s shares. The deal values Payward at $13.3 billion, down from about $20 billion in previous rounds of funding. Infinite Loop Development Ltd. did not receive any proceeds from the transaction.
In November last year, Kraken said it had raised $800 million in two tranches to support its efforts to bring traditional financial products on-chain. The round was backed by investors including Jane Street, DRW Venture Capital and Tribe Capital, while Citadel Securities subsequently agreed to make a separate $200 million strategic investment at a $20 billion valuation.
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