Nasdaq Puts $100 Million into Kraken Parent at $21 Billion Valuation

Nasdaq is investing $100 million in Payward, the parent company of cryptocurrency exchange Kraken, valuing the company at $21 billion. The investment comes through Nasdaq's venture arm and expands on a partnership established between the two companies in March.

The deal deepens the connection between traditional financial markets and the growing market for tokenized equities. Under the partnership, Kraken will distribute Nasdaq's tokenized stocks on its platform, allowing customers to access Nasdaq-listed equities in tokenized form.

Nasdaq's investment gives it a direct financial interest in Payward as the exchange operator develops infrastructure connecting traditional securities markets with blockchain-based trading venues. This is part of a series of transactions reflecting increasing involvement by established financial-market operators in digital assets and tokenized securities.