Payward斥资20亿美元收购Kraken

Payward 深化金融基础设施战略：超越 Kraken 的多元化布局

Payward 已将其金融基础设施战略从 Kraken 扩展至更广泛的领域，通过受监管的衍生品、代币化股票、支付、银行服务及技术，向其他金融机构提供服务。

关键财务与业务亮点

• 营收增长：第二季度调整后营收达 5.08 亿美元，较去年同期增长 17%。
• Nasdaq 投资：Nasdaq 同意向 Payward 投资 1 亿美元，并扩大在代币化股票基础设施方面的合作。
• Bitnomial 收购：Payward 以最高 5.5 亿美元现金及股票收购 Bitnomial，获得了美国受监管的交易所、清算和期货经纪基础设施。
• 平台资产规模：第二季度，Payward 平台上的资金账户数达到创纪录的 660 万个，持有资产总值达 400 亿美元。
• LSE 上市计划：伦敦证券交易所（LSE）计划在 2027 年在其规划的 LSE 24 交易场所列出由 Payward 支持的 xStocks。

营收结构优化与传统业务增长

CoinDesk 于 9 月 26 日报道，联合首席执行官 Arjun Sethi 将 Payward 描述为一个围绕共享基础设施堆栈构建的单一金融平台。通过 Kraken 进行的交易只是其四大运营支柱之一，其余分别为银行服务、资产管理以及 Payward Services。

随着 Payward 的收入组合对交易费的依赖度降低，其财务状况显示出更强的韧性。公司报告称，2026 年第二季度调整后营收为 5.08 亿美元，同比增长 17%；调整后 EBITDA 达到 2300 万美元。尽管加密货币现货活动减弱导致总平台交易量同比下降 18% 至 3100 亿美元，但传统期货、股票及代币化股票在该季度均实现增长，其中期货日均收入交易额上升了 8%。

基于资产及其他收入占总收入的比重已从一年前的 55% 上升至 60%。目前平台资产总额为 400 亿美元，资金账户数创下 660 万的新高。此前 Crypto.news 报道指出，随着运营结构的扩展，公司对“资金账户”的定义方式发生了变化。新标准涵盖 Payward 各平台上的所有账户，并可单独计算子账户。

通过收购构建受监管的交易基础设施

Payward has built a regulated trading infrastructure through a series of huge acquisitions that is difficult to replicate internally in a short period of time. In March 2025, Kraken agreed to acquire U.S. futures brokerage firm NinjaTrader for US$1.5 billion, thereby incorporating traditional futures trading capabilities and regulatory qualifications into the group system. After the transaction was completed, NinjaTrader remained as an independent operating platform. This move not only allowed Kraken's business to surpass the cryptocurrency market, but also retained NinjaTrader's original platform advantages.

Immediately after, Payward completed its acquisition of Bitnomial for a transaction consideration of up to US$550 million (cash and stock). The deal introduces a designated contract market regulated by the Commodity Futures Trading Commission (CFTC), a derivatives clearing organization and futures commission trader qualifications. These licenses allow exchange operations, clearing and brokerage services to be integrated within the same regulated group. Payward said the acquisition will support its derivatives strategy in the United States. According to reports by Crypto.news at the time, Bitnomial became the first crypto-native American platform to have registration qualifications for three major CFTC derivatives.

Payward 于 5 月 1 日完成交易。其第二季度财报显示，Bitnomial 的基础设施随后支持了受监管的美国永续合约和现货保证金产品。9 月，该公司进一步涉足链上衍生品领域，宣布计划向符合条件的美国客户提供基于 Hyperliquid HIP-3 基础设施的永续合约，前提是获得监管批准。根据拟议结构，Bitnomial 将部署、管理、清算和结算合约，而 NinjaTrader Clearing 将托管符合条件的客户账户。据报道，客户需先获得相关受监管实体的批准方可进入市场。

代币化股票战略获 Nasdaq 与 LSE 支持

Payward 的代币化股票业务已与两家成熟的股票市场运营商达成合作。9 月 10 日，Nasdaq 宣布其风投部门 Nasdaq Ventures 同意向 Payward 投资 1 亿美元。双方正在扩展 Nasdaq Equity Token 框架的合作，并引入新的市场监控协议。Nasdaq 表示，此次合作涵盖代币化股票及比常规股票交易时间更长市场的基建，Payward 将提供支持分发、交易和交易后功能的技术。预计 Nasdaq Equity Tokens 将于 2027 年第二季度推出。伴随 Nasdaq 的投资，Payward 估值达到 210 亿美元。

与此同时，伦敦证券交易所（LSE）也与 Payward 就代币化公众股票达成合作伙伴关系。LSE 计划在 2027 年其即将推出的 LSE 24 交易场所列出 xStocks，同样需待监管批准。xStocks 是公开交易股票和交易所交易基金（ETF）的代币化代表。Payward 通过收购开发代币化证券平台的 Backed Finance，增强了对该产品基础设施的控制权。

Sethi 告诉 CoinDesk，与成熟市场运营商的合作仍是 Payward 战略的一部分，因为传统交易所仍提供经过数十年发展的监管和上市基础设施。“信任是他们的货币。”他说。不过，Kraken 也在独立扩展 xStocks 业务，随着代币化股票在现实世界资产活动中占据更大份额，其股票业务持续扩张。

Payward Services：向外部开放基础设施

Payward 正将原本为 Kraken 开发的技术转化为可供银行、金融科技公司、经纪人和其他平台集成的基础设施。Payward Services 通过共享集成，整合了交易、托管、流动性、融资、支付、合规、风险管理和结算能力。Sethi 透露，至少有 25 家公司正在利用该基础设施开发产品。

The company said in its second quarter report that the unified Payward Services API has launched its first external partner. Subsequent integrations added exchanges, transfers, European stocks and Kraken's inquiry infrastructure. Payward continues to expand the business through acquisitions: in July, the company completed its acquisition of stablecoin payment company Reap, bringing payment and card issuing infrastructure to the group; later that month, it agreed to acquire Magic Labs 'wallet infrastructure business. According to Crypto.news, the technology supports the wallet infrastructure used by approximately 60 million users and will become part of Payward Services when completed.

Payward's newsroom showed its expansion continued in September. The company announced a series of integrations, including Ledger integration, stablecoin card plans through Reap and Visa, on-chain xStocks revenue and IPO access through Payward Services.

The IPO process is proceeding in parallel with European expansion

Although infrastructure spending continues to increase, Payward's planned public listing timeline remains long. In November 2025, the company confidentially submitted a draft registration statement for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC), but has not publicly disclosed the stock code, proposed share price or number of shares. Payward is expected to complete its IPO until the second quarter of 2027 at the earliest. Sethi said that because the company remains profitable and can raise money from its balance sheet, it does not rely on IPOs to fund operations. Recent capital raises have brought strategic investors such as Citadel Securities and Nasdaq to the company.

Additionally, Payward is seeking another regulated component in Europe. Sethi said the company was "preparing to acquire a bank in Europe" but did not disclose specific goals. Previous reports quoted sources as saying the negotiations may be related to the acquisition of a Lithuania bank.