Deutsche Börse takes $200m stake in crypto platform Kraken

Deutsche Börse Group is expanding its push into digital assets with a $200m investment in Kraken.

Through a secondary share purchase, the exchange operator will acquire a 1.5% stake in Kraken's parent company, Payward, Inc.

Kraken is one of the largest and most established crypto trading platforms globally. Headquartered in San Francisco, it provides institutional and retail investors with access to a wide range of digital assets, alongside services including trading, custody and staking. Its focus on regulation, infrastructure and institutional clients has made it a key player in the global crypto ecosystem.

The two firms first announced a partnership in December 2025. The collaboration spans the full value chain, including trading, custody, settlement, collateral management and tokenised assets. The aim is to offer institutional investors seamless access across both traditional and digital markets. The new investment deepens this partnership.

The move underlines Deutsche Börse's digital asset strategy, which centres on building a hybrid market infrastructure capable of handling both traditional securities and blockchain-native tokens within a single liquidity pool.

The transaction remains subject to regulatory approvals and is expected to close in Q2.

The investment forms part of a broader acquisition drive by Deutsche Börse Group. The firm recently invested $15m in US index provider MerQube, alongside private markets specialist 7RIDGE, taking a minority stake in the rules-based index and passive solutions provider.

In parallel, Deutsche Börse Group is advancing the digitalisation of a key market segment through its post-trade arm Clearstream, in partnership with Euroclear. From 2026, Eurobonds will be issued in fully dematerialised form, supported by a new unified data standard (IPT) that also enables the integration of blockchain technology. The aim is to make the €14trn Eurobond market more efficient, secure and automated - with faster settlement, lower costs and a foundation for future tokenised bond issuance.

The conversation surrounding how to tokenise traditional assets is also gaining momentum across the asset management industry more broadly.

On the same day as Deutsche Börse's recent move, Legal & General Investment Management announced it had brought one of its liquidity funds on-chain in partnership with fund back office technology provider Calastone.

Fund units can now be issued as digital tokens, enabling faster trading, transfer and settlement - in some cases close to real time.