The Frankfurt Stock Exchange will acquire a 1.5% stake in the cryptocurrency exchange following regulatory approval in Q2 2026. The investment is aimed at developing joint products for trading, custody, settlement, collateral management, and tokenization. The deal builds on their previous partnership for trading tokenized U.S. stocks via xStocks. The CEO of the cryptocurrency exchange, Arjun Sethi, emphasized that the company is not abandoning plans for an IPO. However, the current valuation is 33% lower than in November 2025. At that time, Kraken raised $800 million at a $20 billion valuation.