Nasdaq Pours $100 Million into Kraken Parent to Fast-Track Tokenized Stock Trading

Nasdaq has invested $100 million in Payward, the parent company of crypto exchange Kraken, as part of its partnership to launch tokenized equities by the second quarter of 2027.

The deal values Payward at $21 billion and deepens a collaboration between Nasdaq and Kraken to develop Nasdaq Equity Tokens (NETs), digital representations of publicly traded stocks that preserve shareholder voting rights.

Nasdaq President Tal Cohen framed the investment as a step toward a more fluid financial system, where capital and assets move efficiently across the financial system with durable liquidity.