Cryptocurrency exchange Kraken, through its parent company Payward, has spent approximately $2.75 billion on acquisitions over the past eighteen months, including NinjaTrader for $1.5 billion, Reap for $600 million, and Bitnomial for $550 million. These purchases position the company in regulated US futures markets, stablecoin payment infrastructure in Asia, and derivatives trading platforms. Kraken generated $2.2 billion in revenue in 2025 with $2 trillion in transaction volume, and its valuation is estimated at $20 billion, up from $13.3 billion during Deutsche Börse’s investment in April 2026. The strategic goal targets vertical integration of financial services, from trading infrastructure to payment rails, as an IPO appears to be a logical next step for the company.
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