Nasdaq is investing $100 million in Payward, the parent company of cryptocurrency exchange Kraken, to support a tokenized-equities initiative. Multiple outlets report the investment is part of Nasdaq’s broader push to develop infrastructure for tokenized stock products that can operate with different trading and settlement capabilities.
The reports generally align on the deal size, the counterpart (Payward), and Nasdaq’s tokenization focus. Several outlets say Nasdaq aims to launch “Nasdaq Equity Tokens” and point to a timeline of 2027, with Quartz specifying the second quarter of 2027. CNBC frames the move as a bet on tokenization becoming part of mainstream market operations and highlights the idea of extended market hours. CoinDesk and Cointelegraph emphasize tokenization and features such as voting-enabled equities for users of Kraken’s platform.
Valuation figures also vary by outlet and context. Decrypt and Fortune say the investment values Payward at about $21 billion, while Decrypt notes a prior Deutsche Börse stake implied a lower valuation earlier in the year. Other coverage focuses less on the valuation mechanics and more on partnership expansion and the planned tokenized trading infrastructure.
