Payward Pursues U.S. Trust Charter While Deploying $2.1 Billion on NinjaTrader and Reap Acquisitions

Context Payward, the holding company behind crypto exchange Kraken, is expanding beyond spot trading. The firm filed an application with the Office of the Comptroller of the Currency (OCC) for a national trust charter, a federal licence that would allow it to operate a regulated custody entity for digital assets. The proposed Payward National Trust Company would sit alongside Kraken Financial, which already holds a Wyoming Special Purpose Depository Institution (SPDI) charter and a Federal Reserve master account.

Key Facts - The OCC application targets institutional custody of cryptocurrencies, aiming to attract hedge funds, corporate treasuries and other large investors seeking federal oversight. - In 2025 Kraken completed the purchase of futures‑trading platform NinjaTrader for about $1.5 billion, adding CFTC‑regulated brokerage and clearing capabilities. - Payward agreed to acquire Hong‑Kong‑based Reap Technologies for $600 million, a move designed to expand stablecoin‑based cross‑border payments and card services across Asia. - The two acquisitions push Payward’s outlay past $2 billion, a figure comparable to the market cap of mid‑size U.S. fintech firms such as Green Dot (≈$3 billion). - Competitors including Coinbase, Crypto.com and Circle have already secured federal licences, creating a de‑facto benchmark for regulated crypto services.

What It Means The trust charter would give Payward a federal‑level safe‑harbor for digital‑asset storage, potentially lowering compliance costs compared with a patchwork of state licences. Coupled with the NinjaTrader platform, Payward can now offer futures brokerage, clearing and margin services under a single regulatory umbrella, positioning it to capture a larger slice of the $2.5 trillion U.S. derivatives market. The Reap deal extends Kraken’s reach into Asia’s fast‑growing stablecoin payment ecosystem, where transaction volumes have risen above $30 billion annually.

Together, these moves signal a shift from a pure exchange model to a multi‑service financial institution. Investors will watch the OCC’s decision on the trust charter, the integration progress of NinjaTrader’s technology, and the rollout of Reap’s payment network. Success could accelerate Payward’s path to a potential IPO and set a template for other crypto firms seeking a unified, federally regulated platform.

*What to watch next:* OCC feedback on the trust charter, regulatory responses to the combined futures‑trading and stablecoin payment services, and any further acquisitions that broaden Payward’s global footprint.