Nasdaq Ventures agreed to invest $100 million in Kraken parent Payward as the two companies broaden their collaboration around tokenized equities and digital-market infrastructure.
The investment values Payward at $21 billion, according to people familiar with the matter cited by Bloomberg. Nasdaq announced the investment agreement on Thursday.
Nasdaq and Payward Deepen Tokenized-Equities Partnership
The investment follows a partnership announced in March under which Nasdaq and Payward agreed to develop infrastructure linking regulated equity markets with blockchain networks. Under the agreement, Kraken will make digital representations of stocks traded on Nasdaq available to users on its platform.
Nasdaq has also been pursuing changes to its own market infrastructure. It filed a proposal with the U.S. Securities and Exchange Commission (SEC) in September 2025 seeking to enable securities to trade in tokenized form.
In August, Nasdaq struck a deal to buy LeveL Markets, furthering its efforts to enable trading beyond conventional market hours.
Kraken Parent Expands Tokenized-Stock Partnerships
Meanwhile, Payward has expanded its ties with other major exchange operators. Deutsche Börse invested $200 million in the company in April, expanding the partnership as both companies pursue opportunities in tokenized investment products and blockchain-based securities.
Earlier in September, Payward and the London Stock Exchange (LSE) announced a partnership to bring tokenized UK equities to investors. The collaboration is expected to support tokenized exposure to leading UK-listed companies, with trading initiatives planned to begin in 2027.
The broader tokenized-equities market has also continued to expand. According to RWA.xyz, assets in this category now account for more than $2.9 billion, up 7.4% over the past month.