Kraken Eyes 15% Aave Stake at $385 Million Valuation

Aave is a major decentralized finance lending protocol that allows users to earn yields by depositing assets through smart contracts or to borrow against crypto collateral. Kraken parent Payward is preparing for an IPO. If completed, the deal would extend the company beyond centralized exchanges into DeFi investment and governance, while providing a key valuation test for Aave following the KelpDAO incident.

CoinDesk reported on June 25, 2026, that Kraken was considering investing 35,000 ETH in exchange for 250,000 AAVE tokens and a 15% common equity stake in Aave Group. The deal would be worth about $71 million and imply a valuation of $385 million. Founder Stani Kulechov publicly rejected selling at a “30% discount” that day, while Kraken declined to comment. Negotiations have not been finalized.