The parent of the Kraken crypto exchange, Payward, is seeking to raise new capital at a $20 billion valuation, as the company looks towards going public in the future.

The funding effort was reported alongside a strategy that moves Kraken beyond spot token trading and deeper into markets such as derivatives, payments, and stablecoin-related rails. 

Last week, Kraken announced its agreement to acquire Reap Technologies, a stablecoin-native, card-issuing and payments infrastructure company, for up to $600 million payable in cash and stock. The transaction is expected to close in 2026, subject to regulatory approval.

Payward has also recently acquired companies such as NinjaTrader and Backed as it looks to expand its platform.

Last month, it was announced Payward signed a definitive agreement to acquire crypto-native exchange Bitnomial for up to $550 million, using a mix of cash and stock.

Payward previously filed a confidential S-1 draft with the U.S. Securities and Exchange Commission in November, however, the company decided to put its IPO on pause earlier this year citing unfavorable market conditions affecting the digital asset sector.

Now, co-CEO Arjun Sethi said during Consensus Miami that Kraken was "80% ready" for an IPO. Sethi did not give a definitive timeline for an IPO, but has continued to say that it is in the pipeline for the future.

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