Nasdaq Invests $100M in Kraken Parent Payward at $21 Billion Valuation
Nasdaq Deepens Crypto Ties with $100M Investment in Kraken Parent
Nasdaq has invested $100 million in Payward, the parent company of cryptocurrency exchange Kraken, as part of the New York electronic exchange's expansion into tokenized assets. The investment aims to advance tokenized stock products with round-the-clock trading.
Deal Highlights and Tokenized Stock Plans
- Nasdaq's venture arm made the $100 million investment in Payward, as revealed in a Thursday announcement.
- As part of the deal, Kraken will offer tokenized versions of Nasdaq-listed stocks on its own platform. Tokenized stocks are digital representations of traditional stocks on a blockchain, allowing for 24/7 trading.
- Payward will adopt Nasdaq's surveillance technology across its crypto, equities, tokenized equities, futures, and options venues.
- The investment builds on a partnership between Nasdaq and Payward announced in March.
What the Official Announcement Says
The investment was confirmed in a Thursday announcement by Payward via GlobeNewswire. It emphasized the expansion into tokenized assets and the integration of Nasdaq's surveillance systems to enhance market oversight across multiple trading venues.
Valuation Reported at $21 Billion
People familiar with the matter told Bloomberg that the investment valued Payward at $21 billion. Cointelegraph reached out to Nasdaq for comment but did not receive a reply before publication. This valuation is based on reported information, not directly confirmed by Nasdaq.
Context: Broader Industry Moves into Tokenization
This investment comes as Nasdaq pushes into "always-on" markets, having shared plans to acquire Level Markets last month. Nasdaq also filed a tokenization proposal with the US Securities and Exchange Commission a year ago. Earlier in 2026, Deutsche Börse invested $200 million in Payward to offer blockchain-based securities. In September, Kraken partnered with the London Stock Exchange to launch 24/5 trading of tokenized UK stocks starting in 2027. According to RWA.xyz data, the distributed value of tokenized stocks is over $2.9 billion, up 7.4% in the past month.
Confirmed Facts and Uncertainties
Confirmed facts include Nasdaq's $100 million investment in Payward, the plan for Kraken to offer tokenized Nasdaq stocks, and the adoption of Nasdaq's surveillance technology. The $21 billion valuation is reported by Bloomberg citing sources familiar with the matter, but it is not officially confirmed by Nasdaq or Payward in the provided announcement.
Why This Matters for Crypto and Traditional Finance
This deal highlights the growing integration between traditional finance and cryptocurrency through tokenized assets. Tokenization allows traditional stocks to be traded on blockchain platforms, potentially enabling continuous trading beyond standard market hours. Nasdaq's investment signals a move towards merging established financial infrastructure with crypto-native services.
Sources
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