New Funding Round Targets $20 Billion Valuation

According to individuals familiar with the matter, Payward, the parent company of the major cryptocurrency exchange Kraken, is currently in the process of securing a new round of capital financing. The proposed funding round could potentially value the company at approximately $20 billion. Kraken has declined to comment on these developments.

Strategic Acquisitions Fuel Expansion

Payward has significantly ramped up its merger and acquisition activity in recent months, deploying capital to broaden its service offerings:

  • Acquired Reap, a fintech firm specializing in stablecoin-powered payment systems, for around $600 million.
  • Purchased the digital asset derivatives platform Bitnomial for $550 million.
  • Executed its largest deal to date in 2025, acquiring U.S. retail futures and CFTC-registered platform Ninja Trader for $1.5 billion. This move granted Kraken a crucial foothold and necessary licensing within the U.S. derivatives market.

These acquisitions were structured based on a company valuation framework near the $20 billion mark.

The Path to a Public Listing: Prepared and Waiting

On the initial public offering front, Payward has been laying the groundwork discreetly. The company confidentially submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission in November 2025.

While reports in March 2026 suggested the IPO timeline might be paused due to unfavorable market conditions, sources indicate the intention to go public remains firm, with timing likely dependent on an improvement in the market environment.

Speaking at the Consensus conference in Miami last week, Payward Co-CEO Arjun Sethi stated that the trading platform is "about 80% ready" for a public debut, highlighting significant preparatory work already completed.

Continued Institutional Confidence

Payward continues to attract investment from major financial institutions. In April 2026, Deutsche Börse invested approximately $200 million to acquire a 1.5% stake via a secondary share sale, implying a valuation of roughly $13.3 billion for Payward.

Prior to that, in November 2025, the company raised $800 million in two tranches from investors including Jane Street, DRW Venture Capital, and Tribe Capital. The funds were earmarked for initiatives to tokenize traditional finance products. Subsequently, Citadel Securities made a $200 million strategic investment in Payward at the $20 billion valuation level.