Nasdaq announced on Sept. 10 that its venture arm agreed to invest $100 million in Payward, the parent company of crypto exchange Kraken, alongside an expanded effort on Nasdaq Equity Tokens and a market-surveillance agreement. The transaction values Payward at approximately $21 billion, according to people familiar with the deal cited by Bloomberg Law.
The announcement formally links Nasdaq with one of the largest crypto exchange operators around the distribution of tokenized versions of Nasdaq-listed stocks. Nasdaq confirmed the investment and the related Equity Tokens and surveillance arrangements in its Sept. 10 announcement.
Nasdaq invests $100 million in Kraken parent Payward
Nasdaq’s venture arm is committing $100 million to Payward, Kraken’s parent company, rather than directly to Kraken.
Nasdaq did not disclose a valuation in its announcement. Bloomberg Law separately reported an approximately $21 billion valuation, citing people familiar with the transaction.
The announcement pairs the investment with commercial and market-infrastructure initiatives: progress on Nasdaq Equity Tokens and a market-surveillance agreement.
Kraken distribution and Nasdaq Equity Tokens
Under the expanded partnership, Kraken will be able to distribute tokenized Nasdaq-listed stocks, according to CoinDesk. That distribution role is tied to the companies' work on Nasdaq Equity Tokens.
The announcements establish the intended direction of the collaboration, but the supplied disclosures do not specify which stocks will be distributed, when distribution will begin, or the jurisdictions in which the products may be available. They also do not set out product terms for the tokenized stocks.
For Nasdaq, the arrangement places its Equity Tokens initiative alongside Kraken's distribution platform. For Payward, it adds Nasdaq as an investor while deepening an operating relationship centered on tokenized listed equities.
Always-on tokenized markets and surveillance
The companies are also working toward infrastructure for always-on tokenized markets, CoinDesk reported. The stated objective points to market infrastructure designed for trading beyond conventional exchange-session hours, although no technical rollout schedule was included in the information provided.
Nasdaq announced a separate market-surveillance agreement at the same time as the investment. No further terms of that agreement, including its scope or implementation timetable, were detailed in the supplied announcement.
Together, the investment, proposed tokenized-stock distribution, always-on market infrastructure work and surveillance arrangement make the Payward deal a broader partnership between Nasdaq and Kraken's parent company.
