Kraken’s Parent Swims in Cash Ocean, Eyes IPO Treasure Chest

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Finance

What ho, savvy investors! Gather ’round for a tale of crypto capers and financial folly:

  • Payward, the cunning kraken behind the Kraken crypto exchange, is hoisting its sails for a $20 billion valuation, so sayeth the whispers in the wind (and by wind, we mean “sources”).
  • This tentacled titan has been on a shopping spree, snatching up derivatives exchanges and stablecoin companies like a magpie with a taste for blockchain bling. Bitnomial and Reap are now part of its ever-growing treasure hoard.

Payward, the master of the crypto deep, is casting its net wider, seeking fresh doubloons at a $20 billion valuation, according to two salty dogs who know a thing or two about such matters.

Kraken, ever the tight-lipped sea monster, refuses to comment on this tidal wave of cash. “No comment,” it grumbles, its tentacles twitching with anticipation.

This latest fundraising frenzy comes as Payward, like a pirate captain with a taste for expansion, is splashing its booty on takeovers.

Recently, it swallowed Reap, a stablecoin-slinging scallywag, for a cool $600 million, and Bitnomial, a digital derivatives platform, for $550 million. All this, mind you, as it prepares to set sail on the treacherous waters of a potential IPO.

Its most audacious plunder came in 2025 with the $1.5 billion acquisition of NinjaTrader, a U.S. retail futures platform. This gave Kraken a firm grip on the U.S. derivatives market, expanding its reach to a crew of active futures traders.

Payward, ever the cunning strategist, has secretly submitted its S-1 registration statement to the SEC, the first step towards a public listing. Think of it as hoisting the Jolly Roger for all the world to see.

CoinDesk, ever the gossipmonger of the crypto seas, reported in March that Kraken had temporarily lowered its sails on IPO plans due to stormy market conditions. But fear not, landlubbers, for sources say the company still has its eye on the public treasure chest, waiting for calmer waters.

Kraken, for those uninitiated in the ways of the crypto deep, is a U.S.-based exchange where swashbucklers can buy, sell, and trade digital doubloons like bitcoin and ether. It’s not just about spot trading anymore, though; Kraken has branched out into derivatives, staking, and custody, becoming a full-service crypto platform, a veritable one-stop shop for all your blockchain needs.

In recent years, this Wyoming-based buccaneer has adopted a more focused, yet strategically brilliant acquisition strategy, aiming to expand beyond its core crypto trading into derivatives and the broader multi-asset market infrastructure. Think of it as building a bigger, badder pirate ship.

Deutsche Börse Joins the Crew

Deutsche Börse (DB1), the owner of the Frankfurt Stock Exchange and Xetra, has thrown its lot in with Payward, acquiring a $200 million stake in April. This, mind you, represents a mere 1.5% of the company, valuing Payward at a slightly less impressive $13.3 billion. Payward, ever the shrewd negotiator, didn’t see a single coin from this transaction.

Last November, Kraken announced it had raised a whopping $800 million in two tranches to fuel its quest to bring traditional financial products onto the blockchain. This round attracted investors like Jane Street, DRW Venture Capital, and Tribe Capital, with Citadel Securities later chipping in a separate $200 million strategic investment at the coveted $20 billion valuation.

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2026-05-11 21:39