Deutsche Börse Invests $200 Million in Kraken, Valuation Drops 30% from Last Year

marsbit2026-04-15 tarihinde yayınlandı2026-04-15 tarihinde güncellendi

Özet

Kraken co-CEO Arjun Sethi confirmed at the Semafor World Economy Conference that the crypto exchange has confidentially filed for an IPO. The announcement came alongside a $200 million investment from Deutsche Börse, which acquired a 1.5% stake in Kraken’s parent company Payward, implying a valuation of $13.3 billion — a 33% decrease from its $20 billion valuation in November 2025. Kraken initially submitted its draft S-1 to the SEC a day after its previous funding round, which included backing from Citadel Securities, Jane Street, and DRW Venture Capital. The exchange has not disclosed IPO size or pricing, stating it will finalize terms after regulatory review and market stabilization. The investment deepens a commercial collaboration announced in December 2025, focusing on integrating Kraken’s xStocks tokenized stock platform into Deutsche Börse’s digital asset infrastructure. Kraken has expanded aggressively, launching CME futures trading in October 2025 and reaching over $10 billion in xStocks trading volume by November. Regulatory conditions have also improved, with the SEC dropping its lawsuit against Kraken in March 2025.

Author:yyctrader

Compiled by: Deep Tide TechFlow

Deep Tide Insight:Kraken's co-CEO confirmed at the Washington World Economic Conference that it has secretly filed for an IPO, while Germany's largest exchange operator invested $200 million for a 1.5% equity stake. The valuation stands at $13.3 billion, down 33% from the $20 billion during last year's funding round, yet traditional financial institutions are still making bets at this juncture.

Kraken co-CEO Arjun Sethi confirmed at the Semafor World Economic Conference in Washington on Tuesday that the crypto exchange has confidentially submitted an application for an initial public offering.

This news comes alongside a $200 million investment from Deutsche Börse in Kraken's parent company, Payward, acquiring approximately 1.5% of fully diluted equity. The deal implies a valuation of about $13.3 billion, a 33% decrease from Kraken's $20 billion valuation during its $800 million funding round in November 2025.

Kraken initially submitted a draft S-1 to the U.S. Securities and Exchange Commission on November 2025, just one day after completing its funding round, which was supported by Citadel Securities, Jane Street, and DRW Venture Capital. The exchange has not yet disclosed the size or pricing of its planned offering, stating that it will finalize the terms after regulatory review is complete and market conditions stabilize.

At the conference, Sethi stated that the IPO push is part of a broader mission to democratize complex financial instruments. "What they ultimately want is access to what Citadel and Jane Street have, or what JPMorgan has—they want these tools to be accessible to them," he said. "That's our mission: how do we make all these products open?"

Deutsche Börse's investment deepens the commercial partnership first announced in December 2025, focusing on integrating Kraken's xStocks tokenized stock platform into Deutsche Börse's digital asset infrastructure.

Kraken has been actively expanding in recent months. The exchange launched CME futures trading in October 2025, allowing users to access traditional commodity and stock index contracts alongside cryptocurrencies. Its xStocks tokenized stock product surpassed $10 billion in cumulative trading volume in November, and in March, Nasdaq selected Kraken as the settlement layer for its own tokenized stock initiative.

The regulatory backdrop has also shifted dramatically in Kraken's favor. In March 2025, the SEC dropped its lawsuit against the exchange without admitting any wrongdoing, part of a broader retreat from crypto enforcement under the current administration.

Kraken is the second-largest centralized exchange in the U.S. after Coinbase, which went public via a direct listing in 2021.

İlgili Sorular

QWhat did Kraken's co-CEO confirm at the Semafor World Economy Conference in Washington?

AKraken's co-CEO Arjun Sethi confirmed that the crypto exchange has confidentially filed for an Initial Public Offering (IPO).

QHow much did Deutsche Börse invest in Kraken's parent company Payward and what percentage of equity did it acquire?

ADeutsche Börse invested $200 million in Payward, acquiring approximately 1.5% of the fully diluted equity.

QWhat is the implied valuation of Kraken after Deutsche Börse's investment, and how does it compare to its previous valuation?

AThe implied valuation is approximately $13.3 billion, which is 33% lower than the $20 billion valuation from its funding round in November 2025.

QWhat was the focus of the commercial partnership between Kraken and Deutsche Börse announced in December 2025?

AThe partnership focused on integrating Kraken's xStocks tokenized stock platform into Deutsche Börse's digital asset infrastructure.

QWhat recent regulatory development benefited Kraken, and how did it occur?

AThe SEC dropped its lawsuit against Kraken in March 2025 without any admission of wrongdoing, as part of a broader retreat from crypto enforcement under the current administration.

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