Payward, the parent company of cryptocurrency exchange Kraken, and its asset management clients have acquired an undisclosed amount of AAVE tokens through secondary market purchases. The transactions were executed via Digital Asset Special Investments I, LP, a Payward-affiliated investment fund, according to announcements on November 5, 2026.

The company indicated it may make additional acquisitions in the future. Payward and Aave are also exploring potential areas of collaboration, though no specific details on those discussions were provided.

Investment Details and Context

The AAVE tokens were bought from existing holders on the open market rather than through a direct allocation from the protocol or Aave Labs. No figures were disclosed for the number of tokens purchased or the total value of the deals.

This move follows earlier talks reported in June 2026. Those discussions had involved a potential purchase of 250,000 AAVE tokens alongside a 15% equity stake in Aave Group at a reported valuation of $385 million. Aave founder Stani Kulechov publicly addressed those reports at the time, clarifying that any conversations centered on specific token allocations rather than a discounted sale of the protocol itself. Thursday’s announcement contains no reference to an equity component.

Payward described the acquisition as a milestone for its asset management business, one of five key pillars of the company. That unit focuses on connecting investors with opportunities in digital assets, structured yield products, and tokenized financial instruments.

Aave’s Position in Onchain Lending

Aave operates as the largest onchain lending network. At the time of the announcements, the protocol reported approximately $33 billion in net deposits and $12 billion in active loans. Separate data placed total value locked near $17 billion, representing a substantial share of the broader decentralized lending sector.

The AAVE token confers governance rights, allowing holders to vote on protocol changes, network parameters, and decisions involving the community treasury. Under the Aave Will Win framework approved earlier in 2026, Aave Labs committed to directing revenue from Aave-branded products to the Aave DAO treasury, in addition to existing network fees. This structure aims to align ecosystem growth more closely with the interests of token holders.

Payward and Aave already maintain operational ties. These include Kraken’s DeFi Earn product and a white-label deployment of Aave’s lending infrastructure on Ink, Kraken’s layer-2 network.

Broader Expansion at Payward

The AAVE purchases fit into a wider series of moves by Payward to expand beyond its core exchange operations. Earlier in 2026, the company agreed to acquire derivatives exchange Bitnomial for up to $550 million and completed its acquisition of stablecoin payments firm Reap in a deal valued at up to $600 million. It has also pursued partnerships involving tokenized stocks and reported discussions with traditional financial institutions around crypto liquidity services.

Aave continues to develop its infrastructure, including V4 markets that separate lending risks and Aave Horizon, a platform focused on borrowing against tokenized real-world assets. The protocol has generated tens of millions of dollars in fees over recent 30-day periods, though protocol revenue figures remain lower.

AAVE traded near $130 at the time of the announcements, following declines over the preceding weeks and months. The secondary market nature of the purchases means the capital went to existing token holders rather than directly into protocol reserves or lending pools.