German exchange operator Deutsche Börse has acquired a 1.5 percent stake in crypto exchange Kraken for $200 million, a transaction that values Kraken at $13.3 billion.
Deutsche Börse is not alone in this strategy. The parent company of the New York Stock Exchange invested in crypto exchange OKX in March, while Nasdaq announced a collaboration with Kraken's parent company during the same period. The pattern is clear: established exchange operators are now pursuing direct ownership and infrastructure partnerships with crypto firms, not merely indirect exposure through ETF products.
The purchase in Kraken is a transaction in existing shares of parent company Payward Inc. and takes place in the secondary market. The transaction is expected to close in the second quarter, subject to regulatory approval. The two companies formed a partnership in December 2025 aimed at bridging traditional and digital markets and accelerating institutional crypto adoption in Europe.
The partnership between Deutsche Börse and Kraken covers trading, custody, settlement, collateral management and tokenised assets. Deutsche Börse launched its own crypto trading platform for institutional clients in 2024 and now supports euro- and dollar-denominated stablecoins in post-trade operations through a partnership with Societe Generale-FORGE. The investment in Kraken extends this infrastructure strategy.
Kraken signalled a planned public listing in November 2025 and raised $800 million in the same round — including $200 million from Citadel Securities. The IPO process has been put on hold due to market turbulence but remains on the table, according to the company, once conditions improve. In March, Kraken became the first digital asset bank to hold a master account at the Federal Reserve, a move that sparked debate about transparency and financial stability.
