Payward seeks fresh funding as Kraken owner prepares for potential IPO

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Payward seeks funding for IPO

Highlights

Payward seeks new funding round at a $20 billion valuation while increasing acquisition spending ahead of a potential IPO, according to sources.
Recent deals include the $600 million purchase of Reap, $550 million for Bitnomial, and a forthcoming $1.5 billion NinjaTrader acquisition in 2025 to enhance U.S. derivatives presence.
Deutsche Börse acquired a $200 million stake via secondary sale implying a $13.3 billion valuation, while Kraken previously raised $800 million plus a $200 million Citadel Securities investment at a $20 billion valuation.

Funding plan and acquisition buildup

As first reported by CoinDesk, Payward is pursuing a new fundraising round at a $20 billion valuation, according to two people familiar with the matter. Kraken declines to comment on the raise, while the company continues to increase spending on takeovers ahead of a planned IPO.

Its recent deals include the $600 million purchase of stablecoin payments firm Reap and the $550 million acquisition of digital asset derivatives platform Bitnomial. Payward is valued at $20 billion in both transactions, reflecting the level it is now seeking in fresh capital talks.

The company’s largest acquisition comes in 2025 with the $1.5 billion takeover of NinjaTrader, a U.S.-based retail futures platform and CFTC-registered futures commission merchant. That deal gives Kraken a stronger position in the U.S. derivatives market and broadens its reach among active futures traders.

IPO path and valuation context

Payward says it confidentially submits a draft S-1 registration statement to the U.S. Securities and Exchange Commission on November 19, an early step toward a potential public listing. CoinDesk reports in March that the company pauses its IPO plans because of unfavorable market conditions, though sources say it remains interested in going public when conditions improve.

Kraken operates as a U.S.-based cryptocurrency exchange offering trading in digital assets such as bitcoin and ether against fiat currencies and crypto. The Wyoming-based group has expanded into derivatives, staking and custody, using acquisitions to build broader multi-asset market infrastructure beyond spot trading.

Deutsche Börse, owner of the Frankfurt Stock Exchange and Xetra, says in April that it takes a $200 million stake in Payward through a secondary share sale, implying a valuation of about $13.3 billion. Payward receives no proceeds from that transaction; last November, Kraken says it raises $800 million in two tranches, with support from investors including Jane Street, DRW Venture Capital and Tribe Capital, while Citadel Securities later agrees to a separate $200 million strategic investment at a $20 billion valuation.

Our recent Coinbase (COIN) price analysis focused on the company’s operational reset, including a 14% workforce reduction and weaker Q1 results amid lower trading volumes. We also noted Coinbase’s conditional approval for a National Trust Company Charter, which could support a broader push into payments and institutional-grade services, while technical indicators pointed to limited near-term upside with a likely $200–$228 trading range.

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