Nasdaq plans to invest $100 million in Payward, the parent company of cryptocurrency exchange Kraken, according to multiple reports. The deal is described as part of a broader effort to expand tokenized-equities infrastructure and move toward trading models that operate beyond traditional market hours.
Several outlets cite a valuation of about $21 billion for Payward tied to the investment. One outlet also notes that Deutsche Börse’s earlier stake implied a lower valuation, framing Nasdaq’s new round as a reassessment after an earlier investment. Coverage largely agrees the partnership centers on Nasdaq’s work on “Nasdaq Equity Tokens” and combining it with Kraken-related digital asset capabilities.
Differences across outlets focus on timelines and product emphasis. Some reports say the initiative targets a launch in 2027, with one specifying the second quarter of 2027, while others highlight features such as tokenized voting-enabled equities and 24/7 trading. The common thread is an attempt to integrate Nasdaq’s exchange architecture with blockchain-based tokenization and settlement to support trading of traditional securities in digital form.
