Overview
- Nasdaq Ventures agreed to invest $100 million in Payward on Thursday, Sept. 10, 2026, in a deal reported to value the Kraken parent at about $21 billion.
- Nasdaq and Payward say they expect to roll out Nasdaq Equity Tokens, or NETs, in the second quarter of 2027 using Payward’s xStocks platform, a timeline reported by multiple outlets and described by the companies as a target rather than a firm guarantee.
- Payward will install Nasdaq’s market-surveillance technology across its crypto, equities, derivatives and tokenized-equity venues to monitor trading and enforce compliance.
- xStocks are token wrappers backed 1:1 by underlying shares and already run on blockchains such as Ethereum and Solana, and the Nasdaq design emphasizes issuer sponsorship so token holders can keep voting and other shareholder rights where allowed.
- The deal follows other exchange investments in crypto firms and could speed always-on trading and faster settlement for investors while leaving final access and structures subject to regulator approvals such as those from the U.S. SEC.