Payward, the parent company of Kraken, has spent billions of dollars on acquisitions and investments over the past two years as it expands from a crypto exchange into a broader financial infrastructure platform.
Payward paid $1.5 billion for NinjaTrader to establish a U.S. futures brokerage business and $550 million for Bitnomial, gaining a regulated trading platform, clearinghouse and futures brokerage infrastructure. The company is also preparing to acquire a European bank, though it has not disclosed the target.
Nasdaq has agreed to invest $100 million in Payward. The companies plan to launch Nasdaq Equity Tokens in the second quarter of 2027, with Payward providing distribution, trading and post-trade infrastructure.
The London Stock Exchange is exploring a separate tokenized-stock partnership with Payward. Subject to regulatory approval, xStocks are planned for launch on the LSE 24 platform in 2027.
Payward has organized its business into Kraken trading, banking, asset management and enterprise infrastructure services. At least 25 companies use its institutional infrastructure, which combines custody, liquidity, compliance, risk controls, payments and settlement through a unified API.
Payward confidentially submitted an IPO application in November 2025, but does not expect to list before the second quarter of 2027. Its adjusted revenue reached $508 million in the second quarter of 2026, up 17% year over year.