Deutsche Börse Invests $200M in Kraken at $13.3B Valuation — 33% Markdown from 2024 Round

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Deutsche Börse bought a 1.5% stake in Kraken parent Payward Inc. for $200 million, valuing the crypto exchange at $13.3 billion — a 33% markdown from its $20 billion valuation in November 2024, reflecting broader pressure on crypto-exchange valuations since Bitcoin's October 2025 peak. The deal deepens a December partnership between the Frankfurt stock exchange operator and Kraken to bridge traditional and digital markets for institutional crypto adoption in Europe. Transaction expected to close Q2 2026 pending regulatory approval.