Kraken Parent Payward Seeks $20B Valuation Funding Ahead of IPO
Payward, parent company of crypto exchange Kraken, is raising new capital at a $20 billion valuation, sources say. The fundraising comes as Kraken ramps up acquisitions, including the $600 million purchase of stablecoin payments firm Reap and the $550 million acquisition of derivatives platform Bitnomial. Its largest deal was the $1.5 billion acquisition of NinjaTrader in 2025, gaining a major foothold in U.S. derivatives. Payward confidentially filed for an IPO in November 2025, though plans were paused due to market conditions. Co-CEO Arjun Sethi said at Consensus Miami that Kraken is '80% ready' to go public. Deutsche Börse took a $200 million stake in April 2026, valuing Payward at $13.3 billion. The company is also pursuing an OCC charter to become a federal crypto bank.
Key facts
- Payward seeks fresh funding at $20B valuation ahead of planned IPO.
- Kraken acquired Reap for $600M and Bitnomial for $550M recently.
- Largest deal was $1.5B NinjaTrader acquisition in 2025.
- Confidential IPO filing submitted in November 2025; paused due to market conditions.
- Deutsche Börse took $200M stake, valuing Payward at $13.3B in April 2026.