Deutsche Börse investment implies 33.5% drop in Kraken valuation

A $200 million investment by Deutsche Börse in Payward, the parent company of Kraken, implies a valuation of $13.3 billion for the exchange. The figure represents a 33.5% decline from the $20 billion valuation Kraken recorded during a funding round in November 2025.

The investment, which is expected to close in the second quarter of 2026, provides Deutsche Börse with a 1.5% fully diluted stake via a secondary transaction. The valuation reset comes as Bitcoin trades approximately 41% below its all-time high of $125,000 and after the FBI reported record crypto-related fraud losses of $11.4 billion.

The stake expands a partnership established in December 2025. The collaboration integrates Kraken with 360T, Deutsche Börse's foreign-exchange trading venue, and allows Deutsche Börse clients to use Kraken Embed for institutional crypto access. Future developments include the launch of Eurex-listed derivatives for trading on Kraken and the integration of xStocks into the 360X ecosystem.

Kraken filed confidentially for a US initial public offering in November 2025. The company also confirmed on April 13, 2026, that it is refusing to pay a ransom following an extortion attempt by a criminal group that gained access to internal systems and client data.