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Nasdaq has agreed to invest $100 million in Payward, the parent company of crypto exchange Kraken, as the companies deepen their work on tokenized equities. The investment reportedly values Payward at $21 billion, although Nasdaq did not disclose the valuation in its Sept. 10 announcement.
Nasdaq Ventures Takes Stake in Payward
The investment will come through Nasdaq Ventures, the exchange operator’s strategic investment arm. Nasdaq said the deal expands a relationship with Payward that began earlier this year around infrastructure for tokenized stocks.
The $21 billion valuation comes from reporting citing people familiar with the transaction rather than Nasdaq’s public announcement. The underlying report does not clearly identify the figure as either a pre-money or post-money valuation. Nasdaq President Tal Cohen said:
“Expanding our relationship with Payward reflects our conviction that the company can play an important role in building the infrastructure that supports this evolution.”
Partnership Targets Nasdaq Equity Tokens
Nasdaq and Payward are developing Nasdaq Equity Tokens, or NETs, with an expected launch in the second quarter of 2027. The companies say the framework is intended to bring listed equities onto blockchain infrastructure while preserving shareholder rights and regulated-market protections.
Their collaboration will use Payward’s xStocks infrastructure to connect tokenized equities with blockchain networks in eligible markets. Nasdaq said the next phase will focus on global distribution, trading and post-trade infrastructure.
Payward Will Adopt Nasdaq Surveillance Technology
The expanded relationship also includes a market-surveillance agreement. Payward plans to deploy Nasdaq’s surveillance technology across trading venues covering crypto, equities, tokenized equities, futures and options.
Nasdaq said the technology is intended to support market integrity as Payward expands across traditional and digital-asset markets. The companies did not disclose separate financial terms for the surveillance arrangement. The agreement therefore combines Nasdaq’s investment with technology integration and continued development of tokenized-equity infrastructure.
Tokenization Partnership Began in March
Nasdaq and Payward first announced their tokenized-equity partnership in March 2026. Payward said its xStocks framework would provide the permissionless infrastructure supporting Nasdaq’s issuer-sponsored equity tokens.
Payward said xStocks had surpassed $25 billion in total transaction volume, including more than $4 billion settled on-chain, when the partnership was announced. Those are company-reported metrics.
The new $100 million investment would give Nasdaq an equity stake in Payward as both companies work toward the planned 2027 NETs rollout.
