German stock exchange operator Deutsche Boerse has purchased a $200 million stake in US cryptocurrency exchange Kraken, acquiring existing shares through a secondary market transaction for a fully diluted ownership of 1.5 percent. The move deepens a partnership first announced in December 2025, expanding into regulated crypto, tokenised markets, derivatives, and institutional liquidity services. The deal reflects a broader trend of mainstream financial exchanges entering the crypto space, following similar moves by the parent company of the New York Stock Exchange and Nasdaq, while Kraken itself recently became the first digital asset bank to hold a master account at the US Federal Reserve.