Payward invests billions to build unified financial infrastructure

Payward, the parent company of the cryptocurrency exchange Kraken, is investing billions of dollars to transform into a comprehensive financial infrastructure provider. The company is pursuing a strategy of building core capabilities, acquiring specialized firms, and forming strategic partnerships to integrate trading, banking, asset management, and institutional services under a unified “one ledger” architecture.

Key acquisitions include the $1.5 billion purchase of NinjaTrader and the $550 million acquisition of Bitnomial, which provide regulated futures and derivatives infrastructure in the United States. Payward is also reportedly planning to acquire a European bank to bolster its fiat payment and custody capabilities.

Strategic partnerships are central to its expansion into tokenized equities. Nasdaq has invested $100 million in Payward, with both companies aiming to launch Nasdaq Equity Tokens by the second quarter of 2027. Additionally, the London Stock Exchange is exploring a partnership to offer tokenized stocks via the xStocks platform.

Payward has organized its operations into four pillars: Kraken trading, banking, asset management, and Payward Services, which provides institutional infrastructure to external clients. The company reported adjusted revenue of $508 million for the second quarter of 2026, a 17% increase year-over-year.