Payward, the parent company of the cryptocurrency exchange Kraken, is in the process of raising new capital, aiming for a valuation of $20 billion. This fundraising effort aligns with the company’s strategy to enhance its acquisitions in the derivatives and stablecoin sectors while preparing for a potential initial public offering (IPO).
Kraken has not provided comments regarding the fundraising initiative. The latest round of capital raising follows significant investments by Payward in recent months, including the $600 million acquisition of Reap, a payments firm focused on stablecoins, and the $550 million purchase of Bitnomial, a digital asset derivatives platform. Both transactions valued Payward at $20 billion.
In 2025, Payward executed its largest acquisition to date, purchasing NinjaTrader for $1.5 billion. This move allowed Kraken to establish a substantial presence in the U.S. derivatives market, catering to a diverse group of active futures traders.
On November 19, Payward submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission, marking a preliminary step toward a public listing. However, sources indicated to CoinDesk in March that the company had paused its IPO plans due to unfavorable market conditions. Despite this, there remains a strong interest in pursuing a public offering when market conditions improve.
During a recent appearance at Consensus Miami, Arjun Sethi, co-CEO of Payward and Kraken, stated that the company is currently “80% ready” for a public listing. Kraken operates as a U.S.-based cryptocurrency exchange, facilitating the buying, selling, and trading of digital assets such as bitcoin and ether, utilizing both fiat currencies and cryptocurrencies.
Over the past few years, the Wyoming-based firm has shifted towards a more targeted acquisition strategy, focusing on expanding its offerings beyond core cryptocurrency trading to include derivatives and a broader multi-asset market infrastructure.
In April, Deutsche Börse, the owner of the Frankfurt Stock Exchange and Xetra, announced a $200 million investment in Payward, acquiring approximately 1.5% of the company through a secondary share sale. This transaction valued Payward at $13.3 billion, a decrease from the previously mentioned $20 billion valuation. Payward did not receive any proceeds from this transaction.
Last November, Kraken successfully raised $800 million in two funding rounds to support its initiative of integrating traditional financial products into blockchain technology. This round saw participation from notable investors, including Jane Street, DRW Venture Capital, and Tribe Capital. Additionally, Citadel Securities made a separate strategic investment of $200 million at a $20 billion valuation.
Payward is seeking new funding at a $20 billion valuation as it prepares for an IPO. The company has recently made significant acquisitions in the crypto market, enhancing its position in derivatives and stablecoins.