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51 Insights

CEO Notes

Deutsche Börse bought its way into US crypto stack

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Marc Baumann and Sangam Bharti
Apr 16, 2026
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Hey, it’s Marc,

Deutsche Börse, the third-largest stock exchange in Europe, just acquired a backdoor into the U.S. Federal Reserve.

On April 14, the operator of Frankfurt exchange, Deutsche Börse AG, dropped $200M for a 1.5% stake in Kraken, exactly six weeks after Kraken quietly became the first crypto firm in history to receive a Federal Reserve mast…

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