Nasdaq has invested $100 million in Payward, the parent company of crypto exchange Kraken, valuing the company at about $21 billion, as the traditional stock-market operator deepens its involvement in blockchain-based financial infrastructure. The investment is part of a broader collaboration under which Kraken will distribute Nasdaq’s tokenised stocks on its platform.
The aim is to give investors access to Nasdaq-listed equities in tokenised form while retaining shareholder rights. The deal highlights the growing connection between traditional exchanges and crypto platforms as financial markets explore blockchain-based settlement and trading.
Payward’s latest valuation is higher than the roughly $20 billion figure that had been associated with its fundraising plans earlier this year. Reports of the planned capital raise first emerged in May.
Nasdaq is advancing its tokenized equities strategy by agreeing to invest $100M in @Payward, the parent company of @krakenfx.
Nasdaq Ventures’ agreement to invest in Payward deepens the collaboration between the companies.
Here’s what it means: 🧵 pic.twitter.com/4VrDdsPI9P
— Nasdaq (@Nasdaq) September 10, 2026
For Nasdaq, the investment is not simply a financial bet on a major cryptocurrency exchange. The exchange operator said the investment is intended to support Kraken’s development of tokenised market infrastructure.
Under the agreement, Kraken will distribute Nasdaq’s tokenised stocks through its own platform. The concept would allow users to buy and own digital representations of Nasdaq-listed companies while retaining the same voting rights associated with regular shares.
That distinction is important because not all tokenised stocks currently provide actual shareholder rights. Nasdaq and Kraken are positioning their arrangement as an effort to bring tokenised equities closer to the structure of conventional securities.
Payward co-CEO Arjun Sethi said the next phase of the partnership is expected to move Nasdaq Equity Tokens onto blockchain-based infrastructure that can operate continuously, while keeping shareholder rights intact.
Nasdaq began exploring tokenised equities more seriously in March, announcing plans to give publicly traded companies greater control over how their shares could be represented in tokenised form. It subsequently worked with Kraken on infrastructure designed to connect regulated financial markets with onchain systems.
The move comes as traditional exchange operators increasingly examine blockchain technology. Nasdaq is not alone in this effort. The New York Stock Exchange is also developing a venue designed to support around-the-clock trading of tokenised stocks and exchange-traded funds.
For investors, tokenisation could eventually make it possible to trade traditional securities on digital infrastructure that operates beyond conventional market hours. It could also bring together elements of traditional finance and blockchain markets.
However, the technology is still in its infancy, and the real-world advantages will rely on things like investor demand, custody, liquidity, and regulation.
Despite this, the Nasdaq-Kraken agreement is noteworthy since it combines the collaboration of two very distinct sectors of the financial system. While Kraken gives access to a sizable user base of cryptocurrency natives, Nasdaq offers the infrastructure and reputation of a significant conventional exchange.
Thus, the investment is a hint of something more than a fresh round of cash. Blockchain is being viewed by traditional financial exchanges as infrastructure that has the potential to revolutionize the way stocks and other assets are issued, owned, and traded, rather than just as the technology behind cryptocurrencies.
For Kraken, the partnership provides another step towards expanding beyond conventional crypto trading. For Nasdaq, it offers a direct route into the growing market for tokenised securities.
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