Kraken is moving closer to Wall Street after confidentially filing for an IPO late last year, with the crypto exchange now targeting a public listing by Q3. In April, an investment round valued Kraken at $13.3 billion, which was lower than its $20 billion high in late 2025.
On Tuesday at the Semafor World Economy event in Washington, DC, co-CEO Arjun Sethi said fears that AI will badly damage SaaS companies are too extreme, and he doesn’t agree with them. Arjun said Kraken wants users to get access to the same kind of trading options that major institutions already use. He said, “What they want at the end of the day is what Citadel and Jane Street have, or JPMorgan has, and they want it accessible to them. That’s our mission: How do we make all these products open? We want to be able to help enable what you want to do with your own capital.”
Kraken set for Wall Street listing by the end of 2026
Deutsche Börse AG has agreed to invest $200 million in Payward Inc., the parent company of Kraken, by buying existing shares. The deal gives the German exchange operator a 1.5% fully diluted stake. It is expected to close in the second quarter, pending regulatory approval. The identity of the seller was not disclosed. The transaction also put a new number on Kraken’s value. Based on Bloomberg calculations, the company is worth about $13.3 billion in this deal.
The value is below the $20 billion valuation tied to a November share sale, but it still places Kraken among the biggest companies in crypto as it works toward going public as soon as this year. The Deutsche Börse investment followed a partnership the two companies announced in December. It also came as more old-school financial companies increased their bets on digital assets.
Earlier this year, Intercontinental Exchange Inc. invested about $200 million in crypto exchange OKX. That shows how major market operators are now putting real money into crypto platforms instead of treating the sector like a sideshow. Thomas Book, a member of Deutsche Börse’s management board, said, “It’s a perfect partner for us to further accelerate on this path of creating a fully hybrid market infrastructure.”
He also said, “Irrespective of what is now the form of an asset, whether it’s tokenized or fully digital, we want to create one integrated value chain.” Back in March, Kraken received a limited-purpose account from the Federal Reserve Bank of Kansas City. That made it the first digital asset bank with direct access to the US central bank’s payment infrastructure. The account lets Kraken move money on rails that have usually been reserved for licensed banks.
This matters because crypto companies and fintech companies have usually needed partner banks for this kind of access. Those banking partners also tend to handle important compliance systems such as anti-money laundering monitoring. With this approval, Kraken can now settle directly on Fedwire without using an intermediary bank. The company said Kraken Financial will roll this out in phases, starting with support for institutional client activity.
