Sources say Kraken's parent company, Payward, is raising a new round of funding at a $20 billion valuation.

CoinFeed reported on May 12th, citing CoinDesk, that sources familiar with the matter revealed that Kraken's parent company, Payward, is raising a new round of funding at a valuation of $20 billion. Kraken declined to comment. The company has recently accelerated its acquisition pace, including the $600 million acquisition of stablecoin payment company Reap, the $550 million acquisition of digital asset derivatives platform Bitnomial, and the $1.5 billion acquisition of retail futures platform NinjaTrader in 2025. Payward secretly filed a draft S-1 registration statement with the SEC last November, preparing for an IPO. Co-CEO Arjun Sethi stated last week that the company is "80% ready" to go public.