Nasdaq Invests $100 Million in Payward at $21 Billion Valuation

Nasdaq Ventures has agreed to invest $100 million in Payward, the parent company of Kraken, at a valuation of $21 billion. This investment is part of Nasdaq's Equity Tokens (NETs) framework and includes a new market-surveillance agreement. The partnership builds on a March 2026 collaboration between the two companies, with tokenized equities expected to launch in the second quarter of 2027.

The investment is framed as a strategic investment agreement tied to tokenized-equity infrastructure rather than a completed IPO. This means that the investment is focused on building out the infrastructure for tokenized equities, rather than a public listing.