- Nasdaq Ventures is investing $100 million in Payward, Kraken’s parent.
- The deal is reportedly valued at $21 billion, expanding a tokenized-equities partnership that began in March.
- Kraken will distribute Nasdaq’s planned tokenized stocks, which carry full voting rights, and adopt Nasdaq’s surveillance technology.
Nasdaq has announced an investment of $100 million into Payward. The deal reportedly values the firm at $21 billion.
Nasdaq is now the third major exchange operator this year to take a crypto-exchange stake.
How much did Nasdaq invest in Payward?
Nasdaq will invest a total of $100 million from Nasdaq Ventures, its strategic investment arm, into Payward. Both companies already had a partnership agreement in March 2026, and this investment builds on that relationship.
Bloomberg, citing people familiar with the arrangement, values the deal at $21 billion, although Nasdaq did not put a valuation on the deal in its statement confirming the $100 million commitment.
Payward has also agreed to apply Nasdaq’s market surveillance technology across everything it trades, which includes crypto, equities, tokenized equities, futures, and options.
In return, Kraken, which Payward owns, will become a distribution point for Nasdaq’s planned tokenized stocks, which are expected to launch in the second quarter of 2027 under the name Nasdaq Equity Tokens, or NETs.
Kraken’s distributed Nasdaq equities would carry voting rights identical to those of ordinary shares. Cryptopolitan noted that most tokenized equity today gives holders price exposure and little else, when the London Stock Exchange agreed on September 1 to bring its 100 largest listings onto Kraken’s xStocks framework.
Why are exchange operators investing in the crypto industry?
Intercontinental Exchange, the owner of the New York Stock Exchange, invested in OKX in March at a $25 billion valuation, claiming a board seat and agreeing to open NYSE tokenized equities to OKX’s 120 million accounts. Deutsche Börse followed in April, paying $200 million for about 1.5% of Payward.
Bloomberg calculated that the Deutsche Börse purchase implied a value of roughly $13.3 billion for Payward, well short of the $21 billion mark now attached to Nasdaq’s check. Meanwhile, Payward’s value has been listed at about $10.77 billion as of September 9.
Payward’s most recent primary round, disclosed in November 2025, raised $800 million at a $20 billion valuation and included $200 million from Citadel Securities.
Payward’s second-quarter shareholder letter, published August 14, reported adjusted revenue of $508 million, up 17% year over year, but adjusted EBITDA of just $23 million, down 71% from about $80 million a year earlier. The platform’s total volume fell by 18% to $310 billion as spot crypto activity reduced. Despite this, funded accounts grew by 42% to 6.6 million.
Notably, Payward’s route to the public markets is currently stalled. It filed a confidential S-1 with the SEC in November 2025 and paused the listing in March.
Now, the company is targeting a debut no earlier than the second quarter of 2027. Alongside the delay, the company also let go of about 150 workers. In the meantime, Payward has grown by acquisition, closing on the derivatives platform Bitnomial for up to $550 million.
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FAQs
How much is Nasdaq investing in Payward and at what valuation?
Nasdaq Ventures agreed to invest $100 million in Payward. Bloomberg reported the deal values the Kraken parent at $21 billion, though that figure did not appear in Nasdaq's own press release.
What do the Nasdaq Equity Tokens do differently from other tokenized stocks?
The tokens Kraken will distribute are designed to carry the same voting rights as ordinary Nasdaq-listed shares, unlike most tokenized equity products that give holders price exposure only. Nasdaq and Payward expect to launch them in the second quarter of 2027.
Why do Payward's valuations vary so much?
Different transactions measure different things: Deutsche Börse's April secondary purchase implied about $13.3 billion, a Forge Global estimate put the firm near $10.77 billion on September 9, and the November 2025 primary round set a $20 billion mark. The gap reflects primary rounds, secondary sales and private-market prints all pricing the company differently.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Hannah Collymore
Hannah is a writer and editor with nearly a decade of blog writing and event reporting experience in the crypto space. At Cryptopolitan, Hannah contributes to the news page, reporting and analyzing the latest developments in DeFi, RWA, crypto regulation, AI and frontier tech industries. She graduated from Arcadia university with a degree in Business Administration.
