Nasdaq has invested $100 million into Payward, the parent company of the cryptocurrency exchange Kraken. The deal values the firm at $21 billion, marking an increase from the $20 billion valuation recorded in November 2025. The investment was executed through Nasdaq's venture capital arm.
The partnership between the two companies began in March. Payward currently provides the infrastructure for Nasdaq to issue and settle tokenized equity trades through its xStocks service. By March, this service had processed over $25 billion in trades. Nasdaq intends to use this technology to enable stock trading as digital tokens on a blockchain outside of standard market hours.
Despite the new funding, Payward has delayed its initial public offering. The company filed confidentially with the US Securities and Exchange Commission in November 2025 and now aims for a public listing no earlier than the second quarter of 2027. Previous investors in the firm include Jane Street, DRW Venture Capital, and Citadel Securities.
Payward's recent financial performance shows a 17% increase in revenue, although the company reported a decline in profit. Nasdaq's investment secures its access to the technical infrastructure required for its tokenization projects, rather than serving as a traditional bet on a crypto exchange.
