Payward, the parent company of crypto platform Kraken, is raising new capital at a $20 billion valuation, according to two people with knowledge of the matter.

Kraken declined to comment on the raise.

The latest fundraising round comes as the company ramps up spending on takeovers.

Most recently, it bought stablecoin-focused payments firm Reap for $600 million and digital asset derivatives platform Bitnomial for $550 million as it continues to scale up ahead of a planned IPO. Payward was valued at $20 billion in both transactions.

Its biggest deal came in 2025 with the $1.5 billion acquisition of NinjaTrader, a U.S.-based retail futures platform and CFTC-registered futures commission merchant. The acquisition gave Kraken a major foothold…