Deutsche Borse invests $200M in Kraken

Deutsche Borse has invested $200 million in Kraken, as the Frankfurt stock exchange operator moves to offer access to a wider array of securities over blockchain rails. The deal, which gives Deutsche Börse a 1.5% fully diluted stake in the company.

➡️ Why this matters

This puts a formal value on Kraken at $13.3B before it goes public. It is both a validation of Kraken's business profitability as well as Deutsche Borse's acknowledgement that traditional exchanges require more direct exposure to the crypto trading business.

Currently crypto trading is the single biggest business in digital asset - capturing $100B+ in fees a year from spot and derivatives businesses. This is 100x the size of the stablecoin payment business.

And Kraken represents the cream of the crop as the biggest and more profitable spot business. 

• It took in $2.2B in revenue and $531M in EBITDA in 2025

• It took in $1.6B in revenue and $429M in EBITDA in 2024

“It’s a perfect partner for us to further accelerate on this path of creating a fully hybrid market infrastructure,” Thomas Book, a member of Deutsche Börse’s management board.

This follows ICE's $200M investment in another exchange OKX recently.

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