Wall Street Is Coming for Crypto: Deutsche Börse’s $200M Kraken Bet Explained

TLDR

• Deutsche Börse bought a 1.5% stake in Kraken’s parent company Payward Inc. for $200 million
• The deal values Kraken at approximately $13.3 billion
• The two companies first partnered in December 2025 to connect traditional and digital markets
• Kraken has paused its IPO plans due to unfavorable market conditions
• In March, Kraken became the first digital asset bank to get a U.S. Federal Reserve master account

Deutsche Börse, the owner of the Frankfurt Stock Exchange, has taken a $200 million stake in US crypto exchange Kraken. The investment gives Deutsche Börse a 1.5% fully diluted stake in Kraken’s parent company, Payward Inc.

The deal values Kraken at around $13.3 billion. It is being made through existing shares in a secondary market transaction.

The two companies first announced a partnership in December 2025. That partnership was designed to connect traditional financial markets with digital asset markets, with a focus on institutional clients in Europe.

Deutsche Börse said the investment deepens that partnership. It now covers regulated crypto, tokenized markets, derivatives, and liquidity services for institutional clients across different regions.

A Growing Crypto Push from Deutsche Börse

Deutsche Börse has been building out its digital asset business for several years. In 2024, it launched its own crypto trading platform for institutional clients.

In March 2025, it announced crypto custody and settlement services through its Clearstream subsidiary. It also began supporting euro and dollar stablecoins in post-trade operations with Societe Generale-FORGE.

The deal is expected to close in the second quarter of 2026, pending regulatory approval.

Kraken had announced plans to go public back in November 2025. It also raised $800 million at that time, including $200 million from Citadel Securities.

Those IPO plans have since been put on hold. The reason given was unfavorable market conditions. An IPO is still being considered, but not until conditions improve.

Traditional Exchanges Move Into Crypto

Deutsche Börse is not alone in its moves toward crypto. The parent company of the New York Stock Exchange invested in crypto exchange OKX in March 2026.

Nasdaq also announced a collaboration with Kraken’s parent company in the same month.

These moves show traditional exchange operators taking a more direct role in the crypto space, particularly for institutional services.

In March 2026, Kraken became the first digital asset bank to receive a master account at the U.S. Federal Reserve. The move raised some concerns about transparency and financial stability risks from outside observers.

The transaction between Deutsche Börse and Kraken is still subject to regulatory approval before it is finalized.

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