Nasdaq invested $100 million in Payward, the parent company of the cryptocurrency exchange Kraken. According to Bloomberg, the investment is being made by Nasdaq's venture division. The deal values Payward at $21 billion. Neither company has publicly announced it.
Nasdaq is increasing its collaboration with Payward, which began in March, to create an infrastructure for trading tokenized stocks – digital certificates recorded on the blockchain that can transfer from one owner to another outside standard trading sessions. Payward already has such a system in place: the xStocks service issues tokens of traditional stocks for clients. According to Kraken, over $25 billion has passed through this platform by March. Under the partnership terms, Payward is responsible for settlements and confirms who uses Nasdaq's tokenized assets. Previously, Kraken, along with Nasdaq, the London Stock Exchange, and Deutsche Börse, was developing a crypto gateway for Wall Street, taking its time with its own listing.
The investment does not accelerate the public offering. Payward submitted a confidential application to the U.S. Securities and Exchange Commission (SEC) in November 2025 but has postponed its plans twice. The current target is the second quarter of 2027, at the earliest. The new capital reduces the pressure of going public. The valuation of $21 billion has only slightly increased from $20 billion in November 2025, when Payward raised investments from Jane Street, DRW Venture Capital, and Citadel Securities.
The size of the check in this case is less significant. Payward's recent quarterly report showed a 17% increase in revenue but a decline in profit. A partner whose own products utilize Payward's infrastructure – from tokenized London stocks to tokens of American securities – carries more weight than an ordinary investor. Nasdaq is not betting on another cryptocurrency exchange: it preferred to buy a stake in its future technology provider.