Payward, the parent company of crypto exchange Kraken, has launched a fundraising round at a USD 20 billion valuation as it accelerates expansion beyond spot trading.
The fundraising effort coincides with a series of acquisitions that reflect a deliberate move away from Kraken's origins as a spot token trading venue. The company has been building out capabilities across regulated derivatives markets, card issuance, and stablecoin-native payment rails.
Acquisitions signal strategic shift
Last week, Kraken announced an agreement to acquire Reap Technologies, a stablecoin-native card-issuing and payments infrastructure company, for up to USD 600 million in cash and stock. The transaction remains subject to regulatory approval and is expected to close in 2026.
In April 2026, Payward signed a definitive agreement to acquire Bitnomial, a crypto-native exchange, for up to USD 550 million in a cash and stock deal. The company has also completed acquisitions of NinjaTrader, a derivatives trading platform, and Backed, a tokenised securities issuer, as part of the same broader expansion effort.
Together, these transactions suggest Payward is assembling infrastructure to support a more diversified financial services offering, spanning regulated futures and options markets, stablecoin payments, and tokenised assets.
IPO timeline remains open
Payward filed a confidential draft S-1 with the US Securities and Exchange Commission in November 2024, signalling early-stage preparations for a public listing. However, the company subsequently paused those plans, citing unfavourable market conditions affecting the digital asset sector.
The latest fundraising round, if completed at the reported valuation, would position Payward among the most highly valued private crypto companies globally, reflecting investor appetite for regulated, multi-product digital asset platforms at a time of increasing institutional participation in the sector.
