Deutsche Börse said Tuesday it has acquired a $200 million stake in U.S.-based cryptocurrency exchange Kraken, expanding its footprint in digital assets and strengthening an existing partnership between the two firms.

The investment, made through the purchase of existing shares in a secondary market transaction, gives Deutsche Börse a 1.5% fully diluted stake in Kraken’s parent company, Payward Inc. The deal remains subject to customary closing conditions, including regulatory approvals, and is expected to close in the second quarter, according to a note shared with Bitcoin Magazine.

The move builds on a partnership first announced in December 2025, as both companies look to bridge…

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