Nasdaq Invests $100 Million in Kraken Parent Payward at $21 Billion Valuation

Nasdaq’s venture investment arm has committed $100 million to Payward, the holding company behind the Kraken crypto exchange, in a transaction that values Payward at $21 billion, according to Bloomberg.

Purpose of the Investment

Nasdaq aims to expand its ability to offer tokenized shares—digital records of equity that can be transferred on a blockchain outside regular market hours. Payward already operates the xStocks service, which issues blockchain versions of listed shares and reported processing over $25 billion in trade volume by March.

Strategic Partnership

The new funding builds on a partnership announced in March, under which Payward settles Nasdaq’s equity‑token trades and monitors participant activity. The collaboration also involves other major exchanges, including the London Stock Exchange and Deutsche Börse, as part of a broader “Wall Street crypto gateway.”

Impact on Payward’s IPO Timeline

Payward filed a confidential registration statement with the U.S. Securities and Exchange Commission in November 2025 and has delayed its planned initial public offering twice. The infusion of capital reduces immediate pressure to list, with the earliest target now set for the second quarter of 2027.

Valuation Context

The $21 billion valuation represents a modest increase from the $20 billion valuation reported in November 2025, when investors such as Jane Street, DRW Venture Capital, and Citadel Securities participated.

Financial Snapshot

In its latest quarterly report, Payward showed a 17 % rise in revenue, while profit declined.