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Nasdaq and Kraken visual representing the $100M tokenized stock investment announced September 10, 2026
Photo: AMBCrypto

Kraken Secures $100M Nasdaq Investment for Tokenized Stocks

GlobeNewswire2 min read6 sources

Why did Nasdaq invest in Kraken?

Payward, Kraken's parent, received a $100 million investment from Nasdaq Ventures on Wednesday, valuing the crypto exchange at $21 billion and targeting a Q2 2027 tokenized-stock launch.

Key numbers

Nasdaq Ventures Investment$100Mdirect equity stake in Payward
Payward Valuation$21B+58% vs April 2026 round ($13.3B)
xStocks Cumulative Trading Volume$30B+$6B+ settled on-chain
Tokenized Equities Market Cap$3.1B+82% since June 2026 ($1.7B)
Payward Q2 2026 Revenue$508M+17% YoY vs Coinbase -18% YoY

What happened

Payward, Kraken's parent, received a $100 million investment from Nasdaq Ventures on Wednesday, valuing the crypto exchange at $21 billion and targeting a Q2 2027 tokenized-stock launch. The deal builds on a March 2026 partnership to distribute and trade Nasdaq Equity Tokens — digital versions of Nasdaq-listed shares with full shareholder voting rights — on 24/7 blockchain rails. Payward will deploy Nasdaq's market surveillance technology across all its crypto, equity, and tokenized-equity trading venues, providing regulators a familiar compliance framework on a platform that never closes. Kraken's xStocks platform already lists over 100 tokenized equities and has processed more than $30 billion in cumulative volume, with over $6 billion settled on-chain.

Why it matters

Kraken is the first major crypto exchange to receive a direct equity stake from a traditional stock exchange, crossing a line neither industry had been willing to cross at this scale. The deal sets a concrete Q2 2027 regulatory deadline for on-chain equities with full shareholder rights — the model the SEC has not yet formally blessed. The tokenized equities market just hit a $3.1 billion all-time high, and this investment is the clearest signal yet that the shift of US stocks onto blockchain rails is becoming real, not theoretical.

Who this affects

Marketbullish
High impact
Tokenized equities sector gains biggest institutional validation yet.
Companybullish
High impact
Nasdaq backing lifts Payward's $21B value and 2027 IPO odds.
Competitorsbearish
Medium impact
Coinbase and Binance face steeper rivalry in tokenized equities.
Industrybullish
High impact
Traditional exchanges and crypto begin sharing core infrastructure.

Payward (Kraken) vs Coinbase, Binance

Payward (Kraken)—$21B (private)$508M+17%100+ via xStocks
CoinbaseCOIN:NASDAQ$47B$1.22B-18%Building
Binance————700+ via bStocks

As of 2026-09-08

How we got here

  1. Nasdaq files SEC proposal to allow tokenized-equity trading and settlement.

  2. SEC approves Nasdaq tokenized-securities proposal; initial Nasdaq-Payward partnership announced.

  3. Payward expands xStocks to offer retail investors tokenized US IPO allocations at offer price.

  4. Nasdaq Ventures commits $100M to Payward at $21B valuation; full NETs framework disclosed.

  5. Nasdaq's tokenized settlement rails and extended 23/5 trading are scheduled to go live.

What to watch

  • SEC formal ruling on Nasdaq Equity Token registration — key to Q2 2027 launch.Q4 2026
  • Payward IPO timing and whether $21B valuation holds after regulatory clarity.2027
  • Coinbase and Binance accelerating rival tokenized-equity platform launches.Q1 2027

Educational content only. Not investment advice.

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