CoinDesk
Payward, the parent of crypto exchange Kraken, is raising new capital at a $20 billion valuation, according to two people familiar with the matter, as the firm accelerates M&A spending and lays the groundwork for a public listing. The Wyoming-based operator just closed two sizeable takeovers — derivatives venue Bitnomial for $550 million and stablecoin payments firm Reap for $600 million — both struck at the same $20 billion mark, and confirmed it confidentially filed a draft S-1 registration statement with the SEC on November 19.
Why it matters
The flat $20 billion valuation, unchanged from earlier rounds despite a Deutsche Börse secondary mark-down to $13.3 billion in April, is itself the story: insiders are anchoring the higher number in the next primary raise, and the company's willingness to fund takeovers at $20 billion — rather than the DB1 reference price — tells you where management believes fair value sits. The strategic logic is consolidation into a full-service crypto platform: NinjaTrader ($1.5 billion, 2025) gave Kraken a CFTC-registered futures commission merchant and a U.S. derivatives foothold, Bitnomial layers regulated perpetuals on top, and Reap brings stablecoin payments rails — the same basket of services a public-market investor is likely to underwrite.
Market impact
The M&A cadence is reshaping the institutional on-ramp picture. A regulated U.S. derivatives stack built from NinjaTrader plus Bitnomial puts Payward in direct competition with Coinbase's futures book and CME-listed crypto products, while Reap plus the OCC bank-charter push gives it a stablecoin-and-payments story to take public. Deutsche Börse's $200 million April stake, Jane Street and Citadel Securities' earlier commitments, and the November $800 million two-tranche round suggest demand from TradFi gatekeepers is intact. CoinDesk reported in March that the IPO was paused on macro conditions; the S-1 refile implies that pause is thawing, and a $20 billion print on the next raise would reset the comp set for the entire exchange sector.
Frequently asked questions
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How much is Kraken's parent company Payward raising?
Payward is raising fresh capital at a $20 billion valuation, according to two people familiar with the matter. The round size has not been disclosed.
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What acquisitions has Payward made recently?
Payward bought stablecoin payments firm Reap for $600 million and derivatives exchange Bitnomial for $550 million in 2026, both at a $20 billion valuation. In 2025 it acquired CFTC-registered futures platform NinjaTrader for $1.5 billion.
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Has Kraken filed for an IPO?
Payward confidentially submitted a draft S-1 registration statement to the SEC on November 19, 2025. CoinDesk reported in March 2025 that the IPO had been paused on macro conditions; the S-1 refile suggests those plans are thawing.
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Why did Deutsche Börse's April stake value Payward lower?
Deutsche Börse acquired roughly 1.5% of Payward in a $200 million secondary share sale in April, valuing the company at $13.3 billion — below the $20 billion attached to prior funding rounds. Payward received no proceeds from the transaction.
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Who are Payward's major investors?
Investors include Jane Street, DRW Venture Capital, Tribe Capital, Citadel Securities ($200M separate strategic investment at $20B), and Deutsche Börse ($200M April stake at $13.3B). The November 2024 two-tranche round totalled $800 million.
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