Overview
- Nasdaq’s venture arm agreed to invest $100 million in Payward, the parent of Kraken, in a deal reported on Sept. 10 that Bloomberg and others say values Payward at about $21 billion.
- The investment deepens a March partnership and adds a financial stake as the firms work to launch Nasdaq Equity Tokens, which they expect to make available in the second quarter of 2027.
- As part of the expanded relationship Payward will adopt Nasdaq’s market‑surveillance technology across its trading venues to help monitor crypto, tokenized equities, futures and options.
- Nasdaq and Payward say the planned tokens will be issuer‑sponsored so that token holders keep shareholder voting rights and a direct link to official share registers via a gateway between regulated markets and Payward’s xStocks system.
- Key details remain unresolved including closing terms, Nasdaq’s ownership stake, regulatory approvals and broader adoption by issuers and large brokers, and those factors will determine whether tokenized trading meaningfully speeds settlement and widens trading hours.