The Misunderstood '70% Discount' Narrative
Market rumors recently claimed that Kraken was acquiring a stake in Aave at a 70% discount, sparking widespread confusion. In reality, the transaction does not involve a direct equity stake in the Aave protocol itself. Instead, it centers on Aave Labs' holdings of AAVE tokens and a 15% equity interest in the lab entity. This bespoke deal allows Kraken to acquire AAVE tokens at a favorable price while gaining partial governance and revenue participation in Aave Labs, thereby bolstering its DeFi footprint.
Kraken's Roadmap: Exchanging Exchanges for an Integrated Financial Infrastructure
This acquisition is a piece of Kraken's broader strategy to evolve from a centralized exchange into a full-stack financial infrastructure company. Key initiatives include building its own Layer 2 network (Ink), aggressive acquisitions of compliance-focused and technology firms, and securing financial licenses across multiple jurisdictions. All these efforts are designed to support Kraken's long‑awaited initial public offering. However, due to prolonged bear market conditions and heightened regulatory scrutiny in the United States, the IPO has been temporarily shelved. Kraken now plans to resume its listing process no later than the end of 2026.