Nasdaq Ventures announced on September 10 that it is investing $100 million in Payward, the parent company of crypto exchange Kraken, at a $21 billion valuation.
The investment expands a partnership the two companies announced in March 2026 to develop infrastructure for tokenized equities.
Nasdaq President Tal Cohen said, “The next era of market evolution will be defined by how efficiently andseamlessly capital and assets move across the financial system with durable,high-integrity liquidity.”
Nasdaq Deepens Tokenization Ties with Payward
The deal would give Nasdaq an ownership stake in a company helping build its blockchain-based stock-trading services. Tokenization can represent financial assets digitally on a blockchain, potentially enablingtransfers outside regular exchange hours.
“Expanding our relationship with Payward reflects ourconviction that Kraken can play an important role in building the infrastructure that supports this evolution. Our partnership advances our workon Nasdaq Equity Tokens and helps build a more connected financial system whilepreserving the trust, transparency and integrity that underpin capitalformation,” said Tal Cohen.
Kraken offers xStocks, which provides tokenized exposure to publicly traded equities. By March 2026, xStocks had surpassed $25 billion total transaction volume, according to Kraken. Under their existing partnership, Payward is expected to provide settlement infrastructure in eligible jurisdictions, while Payward Services will handle customer identity and anti-money laundering checks.
Payward’s Valuation Rises as IPO Is Reportedly Delayed to 2027
The investment comes as Payward extends its timeline for going public. In November 2025, the company confidentially filed with the U.S. Securities and Exchange Commission (SEC),but now targets the second quarter of 2027 at the earliest, CoinDeskreported.
At $21 billion, the reported valuation is 5% above the $20 billion level established in November 2025, when investors including Jane Street, Citadel Securities,and DRW Venture Capital also backed the company.
The funding also follows mixed quarterly results. In Q2 2026, Payward’s adjusted revenue rose 17% year over year, while adjusted EBITDA totaled $23 million.
For Nasdaq, the investment could deepen an existing commercial relationship as it develops tokenized markets.
For Payward, it could bring additional capital and backing from a leading exchange operator while its public listing remains pending.
