Tech · CoinDesk
Kraken parent Payward seeks fresh funding at $20 billion valuation ahead of readied IPO
Compiled by KHAO Editorial — aggregated from 1 outlet. See llms.txt for citation guidance.
★ Tier-1 Source
Payward, the parent company of crypto platform Kraken, is raising new capital at a $20 billion valuation, according to two people with knowledge of the matter.
Key facts
- The transaction valued Payward at $13.3 billion, down from the roughly $20 billion valuation attached to previous fundraising rounds
- Most recently, it bought stablecoin-focused payments firm Reap for $600 million and digital asset derivatives platform Bitnomial for $550 million as it continues to scale up ahead of a planned IPO
- Its biggest deal came in 2025 with the $1.5 billion acquisition of NinjaTrader, a U.S.-based retail futures platform and CFTC-registered futures commission merchant
- At Consensus Miami last week, Payward and Kraken co-CEO Arjun Sethi said the exchange is “80% ready” to go public
Summary
Payward, Kraken’s parent company, is raising capital at a $20 billion valuation, according to sources. The firm has accelerated its M&A push with recent acquisitions, including derivatives exchange Bitnomial and stablecoin company Reap. The latest fundraising round comes as the company ramps up spending on takeovers. Most recently, it bought stablecoin-focused payments firm Reap for $600 million and digital asset derivatives platform Bitnomial for $550 million as it continues to scale up ahead of a planned IPO.