Payward, the parent company of crypto exchange Kraken, is raising new capital at a $20 billion valuation, according to two people with knowledge of the matter.
Kraken declined to comment on the raise.
Acquisition spree
The fundraising round comes as Payward ramps up spending on takeovers.
Most recently, it acquired stablecoin-focused payments firm Reap for $600 million and digital asset derivatives platform Bitnomial for $550 million, with both deals valuing Payward at $20 billion.
Its largest deal came in 2025 with the $1.5 billion acquisition of NinjaTrader, a U.S.-based retail futures platform and CFTC-registered futures commission merchant, giving Kraken a major foothold in the U.S. derivatives market.
IPO plans on hold
Payward confidentially submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission on November 19, marking the first step toward a potential public listing.
The company later paused those plans amid unfavorable market conditions, though sources say it remains interested in going public once conditions improve.
At Consensus Miami last week, Payward and Kraken co-CEO Arjun Sethi said the exchange is:
“80% ready” to go public.
Investor backing
Last November, Kraken raised $800 million in two tranches to support its push into bringing traditional financial products onchain, with backing from Jane Street, DRW Venture Capital, and Tribe Capital.
Citadel Securities later agreed to a separate $200 million strategic investment at a $20 billion valuation.
In April, Deutsche Börse announced it had taken a $200 million stake in Payward through a secondary share sale, representing roughly 1.5% of the company at a $13.3 billion valuation — below the $20 billion figure attached to other rounds.
