Nasdaq Doubles Down on Tokenized Equities with $100M Payward Bet

Nasdaq has made a strategic investment in Payward, the parent company of Kraken, for $100 million. This move is seen as an option on tokenized equities rather than a near-term earnings catalyst.

The agreement between Nasdaq and Payward will allow them to continue building the infrastructure for Nasdaq Equity Tokens (NETs) and connect it with Payward's xStocks ecosystem. NETs are expected to launch in the second quarter of 2027.

Nasdaq also has a separate agreement with Payward to deploy its market surveillance technology across various venues, including crypto, equities, tokenized equities, futures, and options. This is similar to Nasdaq's existing recurring-technology business.