Kraken's parent company Payward is spending billions of dollars to become a comprehensive financial infrastructure platform.

BlockBeats news, September 26: Over the past two years, Kraken parent company Payward has spent billions of dollars on acquisitions and investments to expand into futures, derivatives, tokenized equities, and banking services, aiming to transform from a crypto exchange operator into a comprehensive financial infrastructure platform spanning trading, banking, asset management, and institutional services. Payward co-CEO Arjun Sethi said the company is not a holding group, but operates on a "one platform, one balance sheet, one regulatory framework" model. At its core is a unified ledger that allows funds and assets to flow across different products, reducing intermediaries, delays, and fees in the traditional financial system. Payward currently divides its business into four parts: Kraken trading, banking, asset management, and enterprise infrastructure services.

Payward has spent $1.5 billion to acquire NinjaTrader to build a U.S. futures brokerage business; it subsequently acquired Bitnomial for $550 million, gaining a regulated trading platform, clearinghouse, and futures brokerage infrastructure. Sethi also said the company is about to acquire a European bank, but did not disclose the specific target. Nasdaq has agreed to invest $100 million in Payward, and the two 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 also exploring a tokenized equities partnership with Payward, with plans to list xStocks on the LSE 24 platform in 2027 after obtaining regulatory approval.

Payward is also packaging Kraken's existing custody, liquidity, compliance, risk control, payments, and settlement capabilities into enterprise services, opening them to banks, fintech companies, and brokers through a unified API. At least 25 companies are currently using the related infrastructure to develop products, and Hyperliquid is one of its partners. Payward confidentially filed for an IPO in November 2025, but will not go public before the second quarter of 2027 at the earliest. The company says it remains profitable and does not need to rely on an IPO or external financing to support expansion. In the second quarter of 2026, Payward's adjusted revenue was $508 million, up 17% year-over-year.