Private Valuation & Funding Round Tracker · Kraken (Payward)

Kraken (Payward) funding rounds & valuation history

Name: Kraken (Payward) Funding Rounds & Valuation History
Creator: growthnavigatefunding.net

Kraken’s outside funding since 2025, when it raised in two tranches after taking only $27M of primary capital in its first 14 years. Each row is labelled as a closed round, a tender (a sale of existing shares) or reported talks. Kraken’s parent company is Payward, Inc.; it has filed confidentially for an IPO but has not priced one.

Last updated: 13 Nov 2026 (IST). Every figure re-checked against the linked sources that day. Rows: 5 Currency: US$, nominal

⬇ Download CSV Cite this dataset Methodology & status definitions

Latest valuation Closed

$21B

Nasdaq Ventures, $100M, 10 Sep 2026

Valuation reported (Bloomberg via CoinDesk).

Last company-stated valuation

$20B

Citadel Securities tranche, 18 Nov 2025

Secondary low Tender

~$13.3B

Deutsche Börse share purchase, Apr 2026

Raised, 2025–2026

$900M

$800M two tranches (Kraken) + $100M Nasdaq

Round history

Newest first. Dashed badges and striped rows are not closed transactions. “—” means the source does not disclose the figure or it cannot be computed on the same basis; see the note in each row.

Kraken (Payward) funding rounds, share purchases and talks, September 2025 to September 2026
Date	Status	Round	Amount	Lead / buyer	Valuation	Val. ÷ run-rate	Source
10 Sep 2026	Closed round	Strategic investment by Nasdaq VenturesNasdaq announced an agreement to invest; CoinDesk reports it as invested. Whether the shares are new or existing is not stated. Follows the May 2026 raise reported at $20B.	$100M	Nasdaq Ventures	$21B (reported)People familiar told Bloomberg (via CoinDesk); not stated by Nasdaq or Payward. Pre- or post-money not stated.1.05× vs prior closed	—Not disclosedNo run-rate stated in the announcement	Nasdaq announcement, 10 Sep 2026Also: CoinDesk, 10 Sep 2026
11 May 2026	Reported talks	New fundraising (reported)CoinDesk also reports Payward was valued at $20B in its Reap ($600M) and Bitnomial ($550M) acquisitions.	—Not disclosed	—Not disclosed	$20B (reported)Two people with knowledge of the matter (CoinDesk); Kraken declined to comment	—Not disclosedTalks-stage or discussed figure; no multiple	CoinDesk, 11 May 2026
14 Apr 2026	Tender	Secondary share purchase by Deutsche BörseSecondary transaction: “Payward did not receive any proceeds” (CoinDesk). About 33% below the $20B Citadel price (GNF calc). Closing was expected in Q2 2026.	$200MBuys existing shares: 1.5% fully diluted stake (Deutsche Börse)	Deutsche Börse Group	~$13.3BValuation implied by the purchase, per CoinDesk and Bloomberg; not stated in Deutsche Börse’s release	—Not disclosedTender price, not a new round; no multiple	Deutsche Börse announcement, 14 Apr 2026Also: CoinDesk, 14 Apr 2026, CoinDesk, 11 May 2026
18 Nov 2025	Closed round	Strategic tranche (Citadel Securities)Kraken: “An agreement for a subsequent $200 million strategic investment from Citadel Securities was executed at a $20 billion valuation.”	$200MSecond of two tranches totalling $800M (Kraken)	Citadel Securities	$20BStated by Kraken (“executed at a $20 billion valuation”); pre- or post-money not stated1.33× vs prior closed	—Not disclosedNo run-rate stated in the announcement	Kraken announcement, 18 Nov 2025Also: CoinDesk, 18 Nov 2025
Sep 2025	Closed round	Primary trancheFortune reported the round closed in September 2025. Kraken had raised only $27M in primary capital before this round (Kraken).	$500M–$600M$500M per Fortune (Sep 2025); Kraken’s $800M total less the $200M Citadel tranche = $600M (GNF calc)	No lead investor (Fortune); Kraken names Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management, Tribe Capital	$15BPer a person familiar (Fortune); Kraken set the terms. Kraken has not stated this figure; pre- or post-money not stated.	—Not disclosedNo run-rate stated in the announcement	Fortune, 25 Sep 2025Also: CoinDesk, 26 Sep 2025, Kraken announcement, 18 Nov 2025

“vs prior closed” = valuation ÷ the prior closed round’s valuation. Amount range on the first tranche: $500M (Fortune) to $600M (Kraken’s $800M less $200M; GNF calc).

Valuation at each closed round

Closed investments only. $20B is stated by Kraken; $15B (Fortune) and $21B (Bloomberg via CoinDesk) are reported. The ~$13.3B Deutsche Börse secondary purchase is not plotted.

Primary trancheSep 2025$15B
Citadel trancheNov 2025$20B
Nasdaq VenturesSep 2026$21B

Sources: Kraken; Nasdaq; Fortune; CoinDesk. US$ billions, linear scale.

Timeline

Rounds, the IPO filing, the secondary purchase and talks, oldest first.

Sep 2025 · Closed
Primary tranche of $500M (Fortune) at $15B.
18 Nov 2025 · Closed
Citadel Securities invests $200M at $20B; Kraken totals $800M across two tranches.
19 Nov 2025 · IPO filing
Payward confidentially submits a draft S-1. No price range or share count.
14 Apr 2026 · Tender
Deutsche Börse buys $200M of existing shares, about $13.3B. No money to Payward.
11 May 2026 · Talks
Payward reported to be raising at $20B.
10 Sep 2026 · Closed
Nasdaq Ventures invests $100M; valuation reported at $21B.

Still private — confidential IPO filing, not priced: Payward, Inc. (Kraken) confidentially submitted a draft S-1 on 19 Nov 2025; it set no share count or price range (Payward). CoinDesk (2 Sep 2026) reports the IPO is delayed to the second quarter of 2027 at the earliest. There is no public S-1, ticker or price, so no IPO row.

Cite this dataset

Free to quote with a link back. Copy this citation:

Kraken (Payward) Funding Rounds & Valuation History. Private Valuation & Funding Round Tracker, GrowthNavigateFunding.net, updated 13 Nov 2026. https://growthnavigatefunding.net/funding/kraken/

Download the data

The same 5 rows as the table: numeric US$ columns, empty cells where a figure is not disclosed, and a source URL for every row.

File: kraken-rounds.csv (UTF-8, comma-separated)
Stable URL: https://growthnavigatefunding.net/wp-content/uploads/2026/11/kraken-rounds.csv
Columns: id, date, date_precision, status, transaction_type, round, amount_usd_low, amount_usd_high, lead_or_buyer, co_leads, valuation_usd_low, valuation_usd_high, valuation_basis, valuation_to_run_rate_multiple, multiple_bound, multiple_basis, step_up_vs_prior_closed, price_per_share_usd_low, price_per_share_usd_high, shares, source, source_url, other_source_urls, notes, last_updated
Updated: 13 Nov 2026 (IST)

⬇ Download CSV

Methodology & status definitions

How each row is labelled and calculated.

Closed round

New investment in Payward announced by Kraken or the investor. Where the valuation comes only from the press, the row says so.

Reported talks

A raise reported by the press from people familiar, not confirmed by Kraken. No step-up and no multiple.

Tender

A purchase of existing shares from current holders. It sets a price but no money goes to Payward. No step-up, no multiple, not charted.

Valuation ÷ run-rate

Valuation ÷ the run-rate the company stated in that announcement (GNF calc.). Kraken reports annual and quarterly revenue (e.g. $1.5B for 2024), not a run-rate, so no multiple is shown.

What is not a separate row

Kraken’s early funding before 2025 ($27M of primary capital in total, per Kraken), press estimates of earlier valuations, the July 2025 report of a planned $500M raise (superseded by the close), acquisitions paid partly in stock, and secondary-market prices.

Updates & corrections

This page stays at one address and is updated in place; the “Last updated” date above drives the citation and the dataset metadata. Corrections: hello@growthnavigatefunding.net. Informational only; not investment advice.

Changelog

13 Nov 2026: Dataset first compiled: the 2025 tranches, Deutsche Börse secondary purchase, May 2026 talks and Nasdaq investment; IPO filing noted.