Paving the way for an IPO! Kraken's parent company launches a new funding round, with a valuation of up to $20 billion

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As the cryptocurrency market warms up, industry giants are accelerating their moves toward capital markets. CoinDesk, citing people familiar with the matter, reported that Payward, the parent company of cryptocurrency exchange Kraken, is launching a new funding round at a $20 billion valuation while accelerating acquisitions to warm up for an upcoming initial public offering (IPO). According to people familiar with the matter, Payward is seeking new external funding. Kraken declined to comment on this. This funding round comes as Payward is aggressively expanding its footprint. The company has recently made a series of acquisitions, including the $600 million purchase of Reap, which focuses on stablecoin payments, and the $550 million acquisition of digital asset derivatives platform Bitnomial. In both transactions, Payward's valuation was maintained at $20 billion. Kraken's largest recent acquisition was the $1.5 billion purchase of U.S. retail futures trading platform NinjaTrader last year. The platform is also a Futures Commission Merchant (FCM) registered with the U.S. Commodity Futures Trading Commission (CFTC), allowing Kraken to enter the U.S. derivatives market and expand its reach to traditional futures trading clients. Payward's ambition to enter the public market has been evident for some time. The company confidentially submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) on November 19 last year, officially taking the first step toward going public. Although there were reports in March this year that the IPO had been temporarily suspended due to market volatility, Arjun Sethi, the co-CEO of Payward and Kraken, stated at the Consensus conference in Miami last week that the company's listing progress is "80% ready." As an iconic cryptocurrency exchange originating in the U.S., Kraken has long provided spot trading for cryptocurrencies such as Bitcoin and ETH, and supports two-way trading between fiat currency and cryptocurrencies. In recent years, Kraken's ambitions have not been limited to the spot market; instead, through precise strategic acquisitions, it has actively extended its reach into professional fields such as derivatives, staking, and asset custody, gradually transforming into a comprehensive crypto financial services platform. Kraken's deep potential has also successfully attracted the attention of traditional financial giants. Deutsche Börse Group, the parent company of the Frankfurt Stock Exchange, announced in April this year that it had spent $200 million to acquire approximately 1.5% of Payward's shares. This transaction was conducted through the secondary market, valuing Payward at approximately $13.3 billion at the time, slightly lower than the $20 billion level in previous funding rounds. Since it was a transfer of shares between shareholders, Payward itself did not receive any proceeds from the transaction. In addition, Kraken also completed a two-stage $800 million funding round last year, with the funds primarily used to promote the "on-chaining of traditional financial assets." Institutions that participated in the investment at the time included Jane Street, DRW Venture Capital, and Tribe Capital; subsequently, market maker giant Citadel Securities also made an additional $200 million strategic investment at a $20 billion valuation.

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