Nasdaq has entered into a definitive agreement to acquire all equity interests of LeveL Markets, a U.S. alternative trading system (ATS) operator and off-exchange equity execution venue. The deal will bring one of the largest alternative trading venues in the U.S. into Nasdaq’s newly formed Digital Liquidity Networks organization.
Nasdaq is entering a definitive agreement to acquire LeveL Markets, one of the leading off-exchange equity execution venues in the United States. LeveL Markets’ capabilities will advance Nasdaq’s broader vision for always-on markets, expanding the company’s role in how liquidity… pic.twitter.com/KIQSmo8I1E
— Nasdaq (@Nasdaq) August 11, 2026
In a statement shared on X, Nasdaq said LeveL Markets’ capabilities will advance its vision for “always-on markets” and expand its role in connecting liquidity and capital across an increasingly continuous global economy.
Nasdaq proposed allowing tokenized securities to trade alongside traditional shares in 2025. Its updated proposal in January 2026 outlined a framework under which eligible stocks and exchange-traded products could be represented in tokenized form, with blockchain-based settlement supported through a three-year pilot program.
Nasdaq has also partnered with Kraken and tokenization firm Backed to develop infrastructure connecting traditional equities with blockchain networks.
In addition, Nasdaq joined the Pyth Data Marketplace in June 2026, making its TotalView market data available through the network’s distribution layer and expanding access to its market data in software-native and on-chain environments.
LeveL Markets processes hundreds of millions of shares daily and serves more than 2,500 buy- and sell-side clients. The platform executes trades across more than 7,000 symbols each day, while its average daily trading volume increased 56% in 2025.
After following the acquisition, LeveL will continue operating as a FINRA-regulated ATS with its existing management team. The transaction remains subject to customary closing conditions and regulatory approval.
Focus On Institutional Liquidity
The acquisition is expected to preserve LeveL Markets’ existing operations, client connectivity, and execution capabilities while giving the platform access to Nasdaq’s broader market infrastructure.
Nasdaq said it plans to invest in LeveL’s technology, client services, and growth. The integration into Digital Liquidity Networks will also place LeveL alongside Nasdaq’s liquidity platforms, tokenization capabilities, and digital-asset technology.
For institutional investors and professional market participants, the deal could eventually create greater coordination between traditional exchange infrastructure and off-exchange liquidity.
Building Toward 24/7 Markets
Nasdaq’s strategy reflects a wider shift across global financial markets toward longer trading hours and blockchain-based settlement.
The exchange operator is working with Kraken on tokenized versions of Nasdaq-listed stocks that could eventually trade around the clock, subject to regulatory approval. Other major exchanges, including Cboe, the London Stock Exchange, and the New York Stock Exchange, are also exploring extended or 24/7 trading models.
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