Germany’s Largest Stock Exchange Just Bought Into Kraken
Summary
Deutsche Börse, the operator of the Frankfurt Stock Exchange, has invested $200 million in Kraken at a $13.3 billion valuation — a sharp discount to its $20 billion price tag just five months ago. The deal deepens the integration between traditional finance and crypto infrastructure as Kraken prepares for an IPO.
Deutsche Börse AG announced on April 14, 2026, that it has taken a 1.5% fully diluted stake in Payward Inc., the parent company of cryptocurrency exchange Kraken, through a $200 million investment, according to Bloomberg. The deal is expected to close in the second quarter pending regulatory approval.
The transaction values Kraken at approximately $13.3 billion based on Bloomberg calculations, a significant markdown from the $20 billion valuation the company achieved in a November share sale when it raised $800 million. Neither company commented on the valuation gap, but the decline reflects broader crypto market headwinds — Bitcoin has fallen roughly 40% since reaching a record in October, pressuring digital asset exchange valuations across the industry.
The investment builds on a partnership between the two companies announced in December, under which Kraken will be integrated with Deutsche Börse’s foreign exchange trading venue 360T. Thomas Book, a member of Deutsche Börse’s management board, described Kraken as a partner for building a fully hybrid market infrastructure that serves both tokenized and traditional assets through a single integrated value chain.
The deal follows a pattern of legacy exchange operators taking strategic positions in crypto platforms. Earlier this year, Intercontinental Exchange, the owner of the New York Stock Exchange, invested approximately $200 million in crypto exchange OKX at a $25 billion valuation.
For Kraken, the Deutsche Börse investment adds institutional credibility ahead of a planned U.S. initial public offering. The exchange filed confidentially for an IPO in November and has been building its regulated footprint — it became the first crypto firm to gain access to the Federal Reserve’s core payments system in March and launched MiFID-regulated crypto derivatives in the EU last year.
The timing is notable given the challenges facing crypto exchanges. Rival Gemini is reportedly seeking hundreds of millions in loans from its founders after cutting staff and exiting markets. Kraken itself disclosed an extortion attempt just one day before the Deutsche Börse deal was announced, though the company said no client funds were at risk.
The valuation compression between November and April underscores a tension facing crypto companies approaching public markets: institutional interest is growing, but the price investors are willing to pay has cooled considerably alongside the broader market downturn.