Nasdaq Expands Digital Reach with LeveL Markets Acquisition

Nasdaq has acquired LeveL Markets, a U.S. alternative trading system operator, in a move to expand its digital liquidity network.

The acquisition will integrate LeveL Markets into Nasdaq's newly formed Digital Liquidity Networks organization and maintain the existing venue as a FINRA-regulated ATS under NASDAQ ownership.

Nasdaq plans to invest in LeveL Markets' technology, client services, and growth while preserving operational continuity and execution quality for existing clients.

The acquisition is part of Nasdaq's broader strategy around always-on markets and follows earlier steps into digital-asset data distribution, including its partnership with crypto exchange Kraken to introduce tokenized versions of traditional stocks on a 24/7 basis.