Nasdaq Backs Kraken Parent at $21B Valuation
A $100M Nasdaq cheque values Payward 58% higher than Deutsche Börse's April stake did.
Nasdaq has invested $100 million in Payward, the parent company of crypto exchange Kraken, at a $21 billion valuation, according to Decrypt.
Why It Matters
The valuation jump is the headline number: Deutsche Börse's stake in April 2026 implied a $13.3 billion valuation; Nasdaq is now paying at $21 billion — a 58 percent premium in five months. For iGaming operators and crypto payment processors, a better-capitalised Kraken signals deeper institutional liquidity and potentially faster infrastructure development for crypto-denominated transactions. Nasdaq's involvement also adds regulatory credibility to Kraken at a time when crypto exchanges are under heightened scrutiny from U.S. regulators. That credibility matters for any gambling platform that routes player deposits and withdrawals through Kraken's rails.
Context
Kraken is one of the longest-standing U.S.-based crypto exchanges, consistently ranking among the top platforms by spot trading volume. As of September 2026, the exchange has been positioning itself for a potential public listing, and backing from two major stock exchange operators — Deutsche Börse and now Nasdaq — reads as a deliberate pre-IPO capital strategy.
What's Next
Watch for Kraken to announce formal IPO timeline details or additional institutional rounds on the back of this raise. Any public listing would set a market benchmark for crypto exchange valuations globally.
Gambling involves financial risk. Nothing here constitutes investment advice.
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