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Deutsche Börse Group said on April 14 it will acquire a $200 million stake in Payward, Inc., the company behind Kraken, through a secondary share transaction. The deal gives Deutsche Börse a 1.5% fully diluted holding, subject to customary closing conditions and regulatory approvals. Closing is expected in Q2 2026. Reuters confirmed the terms.
Building on the December partnership
The investment adds an ownership link to a commercial relationship that already exists. In December 2025, the two groups announced a strategic partnership covering regulated crypto, tokenized markets, derivatives, and institutional liquidity. Under that framework, Kraken would integrate with 360T for FX liquidity, work with 360X on xStocks, and connect to Deutsche Börse entities including Clearstream and Crypto Finance for custody. Some elements, like making Eurex-listed derivatives available on Kraken, were flagged as needing regulatory approval.
xStocks already live on 360X
The partnership has already produced results. Kraken said in February that xStocks had launched on 360X, describing it as the first major milestone after the December deal. 360X operates regulated market segments including a DLT-MTF and supports settlement in crypto, stablecoins, or traditional rails. 360X framed the launch as extending tokenized equities to Deutsche Börse Group clients.
Deutsche Börse's longer tokenization track record
This is not Deutsche Börse's first move into tokenized assets. In 2021, the company said 360X would begin with blockchain-based marketplaces for art and real estate. Its current 360X profile says the venue serves tokenized financial instruments and pursues tokenization in private markets and real estate. Clearstream has launched its D7 DLT tokenized securities platform, and Crypto Finance provides custody and trading infrastructure within the group.
What this does not do
The announcement does not disclose new governance rights, identify the seller, or name which regulators must approve closing. No new product was announced. For institutional clients using Deutsche Börse, Clearstream, Crypto Finance, 360T, or Kraken, the change is structural — an ownership tie alongside commercial agreements. Broader product availability still depends on the phased integrations and regulatory clearances described in the December partnership.
