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Kraken parent Payward seeks fresh funding at $20 billion valuation ahead of planned IPO
TL;DR
Payward, the parent company of Kraken, is raising new funds at a $20 billion valuation as it prepares for an IPO. The company is increasing spending on acquisitions, including recent purchases of Reap and Bitnomial.
Key points
- Payward is raising capital at a $20 billion valuation
- Recent acquisitions include Reap and Bitnomial
- NinjaTrader acquisition expanded Kraken's U.S. market presence
Mentioned in this story
PaywardKrakenReapBitnomialNinjaTrader
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.
Kraken declined to comment on the raise.
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. Payward was valued at $20 billion in both transactions.
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. The acquisition gave Kraken a major foothold in the U.S. derivatives market while expanding its reach to a broad base of active futures traders.
Payward said it confidentially submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission on November 19, marking the first step toward a potential public listing.
CoinDesk reported in March that the company had paused its IPO plans amid unfavorable market conditions. Sources said the firm remains interested in going public, though likely only once market conditions improve.
At Consensus Miami last week, Payward and Kraken co-CEO Arjun Sethi said the exchange is “80% ready” to go public.
Kraken is a U.S.-based cryptocurrency exchange that lets users buy, sell and trade digital assets, including bitcoin and ether, using either fiat currencies or crypto. The company has expanded beyond spot trading into products such as derivatives, staking and custody, transforming itself into a broader full-service crypto platform.
In recent years, the Wyoming-based firm has adopted a more focused but increasingly strategic acquisition strategy aimed at expanding beyond core crypto trading into derivatives and broader multi-asset market infrastructure.
Q&A
What is Payward's current valuation during the fundraising round?
Payward is raising new capital at a valuation of $20 billion.
Which companies has Payward recently acquired?
Payward recently acquired Reap for $600 million and Bitnomial for $550 million.
What is the significance of Payward's acquisition of NinjaTrader?
The acquisition of NinjaTrader for $1.5 billion expanded Kraken's presence in the U.S. derivatives market.
