Nasdaq Inc. is reportedly putting $100 million into Payward, the parent company of the cryptocurrency exchange Kraken.
While neither company has officially announced the transaction, Bloomberg cited sources familiar with the matter on Thursday, noting the arrangement will help develop infrastructure for tokenized equities. The agreement reportedly values the digital asset firm at $21 billion.
This development arrives as Wall Street displays growing interest in bitcoin and digital asset infrastructure. Kraken has established partnerships with traditional financial institutions over the past two years, while S&P Dow Jones Indices struck a deal in March to launch a new derivative contract on the decentralized exchange Hyperliquid.
According to Bloomberg, Kraken plans to offer Nasdaq’s tokenized stocks directly on its platform, enabling users to hold Nasdaq-listed equities in a tokenized format.
Traditional financial markets have increasingly focused on crypto companies and their frameworks largely due to a shared ambition to tokenize traditional assets such as stocks.
In January, the New York Stock Exchange announced the development of a platform that would let traders buy and sell tokenized U.S. equities and exchange-traded funds while settling transactions on a blockchain around the clock.
Furthermore, Payward and fintech enterprise SoFi Technologies recently revealed a partnership to channel SoFi client crypto orders through Kraken’s institutional trading network and feature SoFi’s stablecoin on the platform.
Based on the terms, SoFi will direct its digital asset order flow to Kraken Prime, the institutional prime brokerage division that debuted in 2025.
Similar to other digital asset platforms, Kraken is expanding further into conventional finance by giving clients the ability to trade equities, fixed income products, and other instruments, marketing its application as a comprehensive financial hub.
Frequently Asked Questions
How much is Nasdaq investing in Kraken’s parent company?
Nasdaq is investing $100 million in Payward, the parent company of Kraken.
What is the reported valuation of Kraken’s parent company in this deal?
The transaction values the crypto company at $21 billion.
What is the purpose of the Nasdaq and Kraken partnership?
The deal aims to build infrastructure for tokenized stocks, allowing Kraken to distribute Nasdaq’s tokenized equities on its platform.
Are there other traditional financial institutions moving into tokenized assets?
Yes, the New York Stock Exchange announced plans in January to build a platform for trading tokenized U.S. equities and ETFs on the blockchain 24/7.
