Deutsche Börse takes $200M stake in Kraken at $13.3B valuation, 33% below prior round

Frankfurt stock exchange operator Deutsche Börse is buying a 1.5% fully diluted stake in Kraken parent Payward for $200 million, implying a ~$13.3B valuation — a steep discount to the $20B price tag from Kraken's $800M raise in November 2025. The deal deepens a strategic partnership announced in December where Kraken integrates with Deutsche Börse's 360T FX platform and tokenized asset infrastructure. The investment comes a month after Kraken shelved its IPO plans due to difficult market conditions, and is expected to close in Q2 2026.

TLDR by @Benthic

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