Nasdaq invests $100 million in Payward, valuing Kraken parent at $21 billion

Nasdaq Ventures announced a $100 million strategic investment in Payward, the parent company of Kraken, valuing the privately held firm at $21 billion. The funding deepens an existing partnership focused on tokenized equities, market‑surveillance technology, and blockchain settlement infrastructure.

Tokenized equity launch timeline

Both parties expect Nasdaq Equity Tokens (NETs) to launch in the second quarter of 2027. The tokens will be issued on a permissioned blockchain framework that preserves issuer control, governance rights, and existing market protections.

Expanded use of Nasdaq market‑surveillance technology

Payward will integrate Nasdaq’s surveillance system across its trading venues, covering crypto, traditional equities, tokenized equities, futures, and options. Nasdaq says the technology will support market integrity as Payward broadens its asset‑class coverage.

Growth of Payward’s xStocks ecosystem

Since the partnership began in March, Payward’s xStocks platform has expanded beyond U.S. equities, adding Hong Kong‑listed shares and targeting the UK, Europe, and South Korea pending regulatory approval. The ecosystem now supports over 500 tokenized assets and more than $37 billion in transaction volume.

Payward’s recent acquisitions and financial snapshot

In 2026 Payward completed the acquisition of Bitnomial, gaining regulated U.S. derivatives registrations, and purchased Backed Finance, the issuer of the xStocks infrastructure. The company reported Q2 adjusted revenue of $508 million (up 17% YoY) and ended the quarter with 6.6 million funded accounts and $40 billion in assets on its platforms.

Future outlook

The expanded Nasdaq‑Payward relationship adds a financial component to their technology collaboration, positioning both firms to build a more connected capital‑market ecosystem while maintaining the trust and transparency of traditional markets.