Key Takeaways
- Kraken’s parent entity Payward has submitted an application to the OCC for a national trust company charter
- Approval would establish Payward National Trust Company, providing federally supervised digital asset custody services
- This application complements Kraken’s current Wyoming SPDI charter and Federal Reserve master account access
- Recent acquisition activity exceeds $2.6 billion, with purchases including NinjaTrader, Bitnomial, and Reap Technologies
- Co-CEO Arjun Sethi indicates Kraken is approximately 80% prepared for a public offering potentially in 2027
Payward, which operates the cryptocurrency exchange Kraken, submitted an application for a national trust company charter with the Office of the Comptroller of the Currency (OCC) in the United States. The submission was made public on Friday, May 8, 2026.
Should the OCC grant approval, a separate entity named Payward National Trust Company (PNTC) would be established. This new organization would provide custody and fiduciary solutions under federal regulatory supervision, primarily focusing on cryptocurrency assets.
The regulatory agency has previously greenlit comparable charter requests from Coinbase, Ripple Labs, BitGo, Circle, Fidelity Digital Assets, and Paxos. Successful approval would place Payward among this established group of federally chartered crypto institutions.
In the official statement, co-CEO Arjun Sethi emphasized the company’s strategic patience. “A national trust company provides the certainty institutions require,” Sethi explained, noting their priority is establishing proper infrastructure over racing to be first.
Expanding Upon Current Banking Framework
Payward currently operates under a Wyoming Special Purpose Depository Institution (SPDI) charter via Kraken Financial, which was granted in 2020. Kraken Financial made history as the initial digital asset banking institution to secure a Federal Reserve master account, enabling direct participation in the U.S. payment infrastructure.
The federal trust charter from the OCC would function in tandem with the existing Wyoming authorization. Payward characterizes this approach as a “multi-charter” framework, encompassing both state-level and federal regulatory oversight.
According to the strategic plan, PNTC would leverage Payward’s established compliance infrastructure and risk oversight protocols. The primary objective centers on serving institutional investors requiring a federally regulated qualified custodian.
Jonathan Gould, appointed by the Trump administration, currently heads the OCC. The agency processed and approved numerous crypto-related charter applications during December 2025.
Strategic Acquisitions and Public Market Ambitions
Payward has executed an aggressive acquisition strategy recently. The company purchased NinjaTrader, a retail futures trading platform, for $1.5 billion in 2025.
During April 2026, Payward reached an agreement to acquire Bitnomial, a cryptocurrency derivatives trading venue, in a transaction valued at up to $550 million. This acquisition brought comprehensive CFTC licensing capabilities, including brokerage operations, clearing functions, and exchange authority.
More recently, the firm disclosed a $600 million transaction to purchase Reap Technologies, a Hong Kong-based payments company. This strategic move positions Kraken to expand into stablecoin-enabled international payment services and card processing infrastructure throughout Asian markets.
In total, Payward has allocated over $2.6 billion toward these three strategic acquisitions.
Notwithstanding this acquisition activity, plans for a Kraken initial public offering continue to progress. In May, Sethi indicated the organization is “about 80% ready” for a potential market debut by 2027.
Kraken has additionally forged a strategic alliance with MoneyGram, furthering its expansion into payment processing services.
The OCC charter application is currently under regulatory examination. The agency has not disclosed any anticipated timeline for rendering a determination on the application.
