Deutsche Börse Group today announced a strategic investment of $200 million in Payward, Inc., the unified infrastructure layer behind global cryptocurrency platform Kraken.

The investment is made through the acquisition of shares in a secondary transaction, resulting in a 1.5% fully diluted stake in the company – meaning the transaction implies a $13.3 billion valuation for Payward.

This investment deepens the strategic partnership between Deutsche Börse Group and Kraken. As announced in December 2025, the two firms will leverage their complementary capabilities to bridge traditional financial markets and the digital asset economy. Spanning trading, custody, settlement, collateral management, and tokenized assets, the partnership will unlock a new range of enhanced products and services that deliver frictionless access to both ecosystems, creating a holistic experience for institutional clients.

This investment highlights Deutsche Börse Group’s commitment to its digital asset strategy, which involves the development of a comprehensive, hybrid market infrastructure. This infrastructure will be capable of processing assets of any technical form, including traditional securities and blockchain-native tokens, within a unified liquidity pool.

The completion of the transaction is subject to customary closing conditions, including applicable regulatory approvals. Closing is expected in Q2.