Nasdaq Ventures puts $100M into Kraken parent at $21B valuation
RWA & Tokenization ·
The investment pairs Nasdaq with Kraken to build tokenized-equity infrastructure targeted for a 2027 rollout.
Nasdaq Ventures has agreed to invest $100M into Payward, the parent company of crypto exchange Kraken, valuing the firm at $21B, according to a report from finance.yahoo.com. The capital injection is tied to a joint plan between the two companies to develop what are being called Nasdaq Equity Tokens, or NETs, with the product expected to launch in 2027.
The arrangement also deepens ties to Kraken's existing xStocks platform, which already offers tokenized-equity products. Combining Nasdaq's stake with the xStocks build-out signals an effort to link a traditional exchange operator's infrastructure and listings apparatus with a crypto-native tokenization platform rather than developing a competing system independently.
The deal reflects a broader pattern in which established exchanges are opting to acquire direct exposure to tokenization infrastructure through equity stakes and partnerships instead of building rival products from scratch. That approach was also flagged in a separate post on x.com, which framed the investment as part of a structural shift toward institutional buy-in on tokenization rather than in-house competition.
The move sits within a wider cluster of activity tied to real-world-asset tokenization and adjacent crypto infrastructure. Other developments cited alongside the Nasdaq-Kraken deal include Ondo reaching $937M, Venice hitting $100M in annual recurring revenue, and Stacks launching bitcoin-native staking bonds, all pointed to as signs of institutional traction across tokenization, AI-agent revenue, and bitcoin-based finance.
Terms beyond the $100M figure and $21B valuation, including equity structure or governance rights tied to the investment, have not been detailed. It also remains unclear what specific technical framework will underpin Nasdaq Equity Tokens or how they will interoperate with Kraken's xStocks offering ahead of the 2027 target. Whether other traditional exchanges pursue similar direct stakes in tokenization platforms, rather than building competing infrastructure, is something to watch in the coming months.