Deutsche Börse Invests $200 Million in Kraken Amid Secret IPO Filing

Deutsche Börse, Germany's largest stock exchange operator, has invested $200 million in cryptocurrency exchange Kraken, acquiring approximately 1.5% of Payward, its parent company.

The investment values Kraken at around $133 billion, a significant drop from its valuation last year which stood at $200 billion after a funding round in November 2025.

This move follows a secret initial public offering (IPO) filing by Kraken, confirmed by co-CEO Arjun Sethi during the Semafor World Economic Conference in Washington D.C. earlier this week.

The partnership between Deutsche Börse and Kraken was first announced in December 2025, with a focus on integrating Kraken's xStocks tokenized stock platform into Deutsche Börse's digital asset infrastructure.