Nasdaq invests $100 million in Payward to bring listed stocks onchain
Nasdaq has invested $100 million in Payward, the parent company of crypto exchange Kraken, as part of its expansion into tokenized assets. According to Bloomberg, the deal valued Payward at $21 billion.
According to a press release, the investment was made by Nasdaq's venture arm. The deal builds on a partnership between the companies announced in March 2026.
As part of the agreement, Kraken will offer tokenized versions of shares in companies listed on Nasdaq through its platform. Payward, meanwhile, will deploy Nasdaq's market surveillance technology across its crypto, equities, tokenized securities, futures and options markets.
Nasdaq bets on round-the-clock markets
The investment is part of Nasdaq's strategy to develop tokenized assets and trading infrastructure capable of operating nearly around the clock. In August, the exchange operator also announced plans to acquire Level Markets to expand in this area.
In 2025, Nasdaq submitted a proposed rule change to the U.S. Securities and Exchange Commission (SEC) that would allow tokenized stocks to trade on its exchange.
The partnership with Payward gives Nasdaq another channel to develop such products. Kraken will be able to offer digital versions of Nasdaq-listed stocks directly on its platform.
Payward is also expanding its ties with traditional exchange operators. In April, Deutsche Börse invested $200 million in the company as part of plans to expand access to blockchain-based securities and other tokenized investment products.
Earlier in September, Kraken also partnered with the London Stock Exchange. Starting in 2027, the companies plan to provide access to digital versions of leading U.K. stocks on a 24/5 basis.
Payward bridges crypto and traditional markets
Beyond tokenized stocks, Payward is working to launch regulated perpetual crypto futures in the U.S. The company has proposed a structure involving Hyperliquid Labs, although its implementation still depends on regulatory approval.
The project is intended to create a U.S.-compliant framework for accessing perpetual futures, one of the key instruments in the global crypto market. For Payward, it represents another avenue for expanding its regulated trading products in the U.S.
Earlier, Payward also entered into a partnership with SoFi for stablecoin distribution and round-the-clock dollar settlement. The partnership provides for the use of the companies' infrastructure to move funds on a 24/7 basis.
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